The Yerka Project is an effort by a trio of engineering students in Chile to create a bicycle that will be practically impossible to steal. Bike theft is a common crime and it's an awful feeling to go to your parking spot to grab your bike and hit the road only to discover that it's been swindled. That's what the Yerka project hopes to eradicate.
Essentially, the bike is designed in such a way that if a thief wants to steal it, they will have to ruin the bike to do so, making it pointless for them to steal it. The bike is locked using a retaining sleeve and a swivel mechanism to form a complex contraption that can be locked around a locking station or signpost.
The Yerka mechanism may eventually include Bluetooth functionality that will help users to lock and unlock the bike using their smartphones.