Bicycle theft is a huge problem in major cities, with no locks seemingly being strong enough to ward off thieves armed with wire cutters and lock picks. It seems that there's no way to lock your bike up outside without the possibility of it being stolen.
So rather than design a stronger lock, Biomega is working on a bike that is the lock. That means if you break the lock, you break the bike, making theft a much less attractive option. Yep, part of the bike's frame can be used to lock it up, and if that part is broken the bike becomes unridable. Sure, you might just end up with a broken bike that someone tried to steal, but isn't that better than no bike at all?