19 October 2020
The health and fitness industry is growing enormously, there are so many products and services available in the market to encourage, and motivate to work on the well being of health and fitness. And why not? - after all - “Health is Wealth”.
At present time, the health and related insurance costs are rising with time, leading for people to take things seriously. Also, many are giving attention to their health diverging towards natural, organic food products and healthy life. And it is important, especially since the breakthrough of COVID-19 it had made us realize how important our health is and how much we take it for granted.
In this blog, we are going to discuss about how blockchain technology can help power fitness industry.
Fitness Industry and Blockchain Technology
Many health and fitness enthusiasts are eventually using fitness applications along with the activities they perform. There are many fitness brands and online services available in the market.
The use of gamification in the healthcare industry has led to encouragement for participation improvising outcome and along with blockchain technology, it can help boost the process through transparency that the technology provides.
With blockchain technology, the user’s data can be ensured with security and privacy while it removes the need for intermediaries as every transaction is made on the encrypted blockchain network. Since the data will be stored on the blockchain the users will gain complete access and control to its health information.
Blockchain technology also facilitates smart contracts that would enable users to access and receive tips and lessons. The users can also leverage upon connecting with their trainer through videos on the public blockchain and the industry can also provide loyalty programs to their users. The users can simply download lessons and content uploaded by their trainers through payment.
Along with this, the gym owners can benefit too as there would be no involvement of the 3rd parties and they can receive payments through this platform.
Blockchain is a distributed ledger meaning the agreements and terms are going to be secured and tamper-proof.
According to a report by Forbes, adopting blockchain for fitness industry would benefit the users with the gym memberships and for the owner, it would be about gaining new enthusiast.
For instance, FitPrince states itself to be the first platform that uses blockchain technology for its FIT token and works on the Ethereal network. It facilitates decentralized method to purchase memberships, order items, purchase subscriptions and so forth.
StepChain - a blockchain-based fitness company that has developed an application that rewards its users when they perform the states physical activities. It's a token-reward program that strives to encourage and motivate its users to lead a healthy and fit life>
When it comes to our health, it is thus very important to stay actively involved, also the blockchain technology creates a space for both - the content creators and consumers to participate and reap the benefits while blockchain technology and the fitness industry working out together can help give the power to the people.