This article is from Linkedin by Adel Salhi
It’s after much thought and consideration from Tech leaders and infrastructural engineers, that Blockchain plays a vital role in the future of how we will operate and not only conduct business but also the way in which we will operate as a civilization. On a micro level, the introduction of Cryptocurrency over the last decade has created two camps. However, Blockchain serves not only the premise of curating a new digital currency but also an economy.
The intent of this article is to shed light on my thoughts on where the future is going and how we can catch the “wave”. It is at this stage no longer a trend but an unprecedented technology similar to what we saw at the start of the internet, where many called it a “bubble”. Yet, here my article stands in the midst of the world wide web to be digested by my fellow peers.
Why is Blockchain vital?
Blockchain introduces a new method of producing and receiving information, rather than being linear and driving data from one single server, it provides a more reliable network of systems all processing the same information and data simultaneously. We have seen incidents where data centres have been burnt due to fires and natural disasters only to find that peoples’ lives have been impacted. The centralized structure of data has a substantial amount of benefits, but not enough to withstand the reliability of a decentralized network.
Blockchain plays a new vital role in security, although ‘hacking’ costs industries billions, a decentralized system negates the loss since all the data cannot be infiltrated (almost impossible) and if it did, it would be negated as all the network carry over the same ledger of data.
The current issue of the Digital Economy of Fitness?
When I established my idea of building a health and fitness marketplace, MYFITAPE, it was focused on solving an issue of accessibility, affordability but also helping businesses in the fitness industry to not have overbearing monthly overheads. Anyone running a Gym can vouch for this, and being in highly competitive environments can also be ‘suffocating’, the businesses that lasted post the peak of the lockdown is evidence.
The challenges that businesses have are a lack of customers or high turnover of customers, because of a lack of marketing and sales strategies, albeit they could be a great facility or brand. Likewise, those that seem to triumph more, in with almost all industries, are those that market the best – fair play. However, the problem for the end customer is what we call ‘search fatigue’, someone that has an intent to improve their health, fitness and well-being does more working out with their fingers and their mind searching before finding something that they’re actually looking for because everyone is ‘calling them’ to look their way.
What happens is most end up giving up due to decision fatigue. By default, the amount of revenue lost is more than most expect. With the aid of an increase in demand for online classes, the fitness industry is expected to reach $59.23 Billion by 2027 but still at a loss from the revenue that is lost from the industry (AllianceResearch).
Hence, one of our missions with MYFITAPE is to pull back lost revenue from the industry and serves customers and businesses in the ecosystem through offering 360 CRM to manage their business but also to easily introduce new customers through the door. No monthly software management overheads, accelerated marketing efforts and building excellent collaborations have helped us be a source of credibility for new customers to try new businesses that would have otherwise never had the chance and for businesses, a platform that gives them access to a new eco-system with all the tools that they need to scale.
How can Blockchain transform the Fitness industry?
A network that can provide customers more control of their data, their membership and also rewards them to continue. The blockchain can create a universal digital ID that allows users to have access to their membership, rather than creating a long process, users will have the means to manage it when and when they choose, this, in turn, avoids the issues where Gyms charge their customers and they cannot cancel but it can also pave the way for better control of their data since the Blockchain has the means to transact from specific ledger addresses. This avoids the need and means to exchange data which can be compromised at any time when using a centralized system. The option of this alone would certainly introduce a new wave of customers who are confident that their data and financial consent is within their grasp.
In turn, this would place a better equilibrium for fitness businesses to ensure they provide the services and to the expectation of what they initialled advertised. If for any particular reason, a customer has a poor experience, they would usually revert to a Google review, trust pilot etc. As great of a service that these platforms have, reviews are open to manipulation and script exploits. The Blockchain model eliminates all of these issues, as each review can only be submitted with a verified purchase or timestamping which is placed on the ledger. This would create a clearer vision of what people actually experienced rather than what the business owners want you to believe, again a great perk of blockchain.
Will businesses be eager to adopt this? I don’t think so but luckily it’s not in their hands as the market dictates its own destiny. Many are operating on a monthly basis and cause negative experiences with a lack of intent to improve. Blockchain would create a market equilibrium that would create authenticity, a trail of activity (which should be rewarded) and a reduction in fraud – which costs the industries billions. It would pave the way to allow new data to be used by businesses to provide a better experience and to best help people achieve their health, fitness and wellbeing goals.
Finally, Blockchain is at the ‘installation phase’ according to the Perez Cycle. This behaviour can be seen in the slow adoption combined with the slight resistance to entertain the technology. In my opinion, I see that the next 5 years will be a transformational stage for the fitness space and we’re geared to focusing on serving people better through leveraging blockchain technology. Those that join platforms like MYFITAPE will see rapid growth in alignment with market behaviours whereas those who do not keep up get left in the abyss with their dumbells still their hands. These are certainly exciting times and the underlining solution that I hope this can resolve is better serving customers, as they’re the heart of any business success.
Lastly, ‘audentes Fortuna iuvat’.
