The International Health Racquet and Sports club Association (IHRSA) estimates that the health and fitness industry in the U.S. has been growing by up 4% in the past 10 years. Considering the growing number of adults with fitness club memberships, industry experts expect this growth to accelerate in the coming years.
Some of the elements at play towards this historic boom in the health and fitness industry include the fact that health insurance costs are rising. This means insurers, as well as employers, are trimming down costs by financing programs that incentivize healthy living. As long as an employee can show that they are taking steps towards improving their health, insurers and employers will be happy to provide health coverage.
In addition to rising health insurance costs, consumers are increasingly seeking to consume more natural and organic food products. The runoff effect has led to an increased interest in fitness. Add that to the proliferation of wearable devices that give users personalized biometric health statistics at their fingertips and you have a fast-growing industry that is not stopping anytime soon.
Why The Fitness Industry Needs Blockchain
However, to streamline this growth while maintaining sustainable levels of flexibility in the industry requires more to be done. Despite the fast-growing industry, reports show that most consumers are shifting spending from traditional brick and motor gyms to on-line services.
Through blockchain technology, these changes can be managed for the benefit of all stakeholders in the industry. StepChain (a blockchain-based fitness company) is already taking steps towards the use of blockchain technology to improve the fitness and health industry.
The company has developed an application that rewards fitness enthusiasts every time they walk, run, swim or cycle. The reward program is designed to encourage a healthy and fit lifestyle while building an ecosystem that allows gym owners and other fitness instructors to benefit.
Here is an in-depth look at how StepChain’s blockchain-based platform can further improve the fitness and health industry.
Blockchain Enabling Gamification Of The Fitness Industry
The power of integrating game mechanics to encourage participation has been proven countless times. Reports show that gamification in healthcare is gaining momentum with more applications improving patient’s clinical outcomes.
In the fitness space, gamification can be used to motivate action. StepCahin, for instance, employs a rewards system that allows users to earn cryptocurrency as compensation for their participation.
Through blockchain, the process becomes more transparent and users can keep track of all their earnings. This model also promotes healthy competition as users can compare their level of activity to other community members.
Blockchain To Improve Data Privacy And Security In The Industry
With the proliferation of smartphones, health and fitness apps, it has become quite common for people to use these apps, making it difficult for the average Joe to maintain a healthy lifestyle without one. Although these apps allow us to count our calories and track our exercise routines, few of them are built to protect the user’s data from security vulnerabilities.
Essentially, the data you share with an app or device could be shared with any third party. Since health data is sensitive, users have to be more concerned with the security level of the fitness app they use.
Fortunately, StepChain is built on an encrypted blockchain network that enables privacy and security with every transaction. According to the Future of Privacy Forum, only 66 percent of sleep-tracking apps had privacy policies. StepChain, on the other hand, has a strong privacy policy that is 100 percent GDPR compliant. Since all the data is stored on the blockchain, StepChain will not store any user data and therefore users get full control over their health information.
Also, StepChain’s privacy policy prohibits the sale of user data to third parties. This means that you will not get advertisements targeting you even on StepCahin’s free version.
Blockchain To Cut Out The Middle Man
As spending moves from traditional brick and motor gym memberships to online fitness services, blockchain-enabled platforms like StepChain will streamline the transition by cutting out the middle man. For example, Blockchain technology will give users direct access to the same experience they would have in the gym by connecting them with their trainer through downloadable videos on a public blockchain.
This platform would use smart contracts that give fitness enthusiasts access to tips and fitness lessons from their trainer on condition that the payment is settled. StepChain, for instance, allows users to use the STEP coins they have earned to donate to philanthropic causes in the ecosystem. The system would allow trainers to create content and own 100 percent of the publishing rights while the consumers pay lower costs than that of their traditional gym membership.
Conclusion
The fitness industry can benefit enormously from Blockchain Technology. Increased data privacy on fitness apps will enable users to have more confidence with the platforms they interact with. Also, blockchain technology will enable transparent interactions between the training professionals and fitness enthusiasts without the need for intermediaries. Companies like StepChain are already taking the initiative to motivate users towards a healthier lifestyle through blockchain technology. Hopefully, blockchain will fuel a future of fit and healthy people.
If you wish to know more about StepChain, please visit their website.