“There’s an app for that” has long been a mantra of Apple and their sprawling collection of programs designed to turn a smartphone into any type of tool, but until very recently, the statement did not extend to locksmithing. According to csmonitor.com, a new application called KeyMe, which allows users to easily duplicate lost keys, is filling the void, and from the sounds of it, the app’s creators could be on their way to big money.

The KeyMe app itself is a free download from the Apple app store. However, upon download, users will be prompted to set up an account through KeyMe with their credit card. While the credit card will not be charged any fees up front, it is there as a “just in case” safeguard  for when keys are lost and users need to find a solution quickly. By taking pictures of both sides of their keys, a person can store a “virtual keychain” in the cloud for future use. The program then analyzes the photographs and translates them into “locksmith language,” a code of numbers that will allow for easy key duplication later.

In the event of a lockout, whether you lock your keys in your car or lose an apartment key over the course of a day filled with activity, users can access their key data on KeyMe for a fee of $9.99. Locksmiths can then take that information and easily use it to create a new key. Users can also order new copies of their keys directly from KeyMe for $19.99. And KeyMe even has a number of kiosks positioned around New York City, so residents can scan their keys on the fly.

On paper, the whole arrangement sounds great. After all, a traditional locksmith bill–where a professional comes to your house to unlock your door, or changes your locks and provides you with new keys–can bring about substantial costs. However, KeyMe also seems like the kind of app that could represent a major security problem if the company’s servers were ever breached.

Greg Marsh, KeyMe’s founder and CEO, assures users that the company takes security very seriously. The app doesn’t store any personal information other than email address and account password, while the “both sides of the key” rule lowers the odds of someone being able to replicate your key by pretending it belongs to them.

Marsh also noted that locksmithing is a $5 billion industry that was in great need of an innovative kick. KeyMe could be that grand innovation that brings locksmiths into the 21st century. Right now, the company focuses exclusively on home or work keys, but Marsh wants to add mail keys and car keys to the service in the coming months.