Introduction
The usage of mobile health (mHealth) apps and wearables is ever-growing. More than 52% of smart phone users gather health-related information on their phone. In 2016 alone, mHealth app store downloads totalled 3.2 billion. Health-related data is a precious asset for both individuals and stakeholders in the data-driven sports, health and wellness industry.
If there is anything we know for sure, it's that the digital health market is growing at a skyrocketing pace and its not stopping anytime soon. In fact, this market has been projected to reach $233.3 billion by 2020 with mobile health apps alone accounting for about 60 billion.
I work as a research assistant for the University for Development Studies in Ghana. That's just my way of saying that I spend a chunk of my time glued to a desk, sorting and analyzing research data for both students and staff. Every now and then, I get a small break from work and there isn't much I can do withing this time. But one thing I have been consistent with, is my weekend jogging. I spend every Saturday and Sunday morning jogging for at least 4 Km, occasionally 5 Km. Recently, I downloaded this android application on my mobile phone which assist me keep tabs on my workout progress. For me, this was wonderful until I met Lympo which opened my eyes to several limitations of my mHealth app.
Major Shortfalls of the Current Industry
Ownership: Did you know that your personal data is a very valuable asset? It was deemed so in 2011 by the World Economic Forum. Among personal data, health related data is one of the most expensive data sets. So while I am busy tracking and monitoring the progress of my workouts every weekend, I am probably generating useful data for some company to make a ton of money. The unfortunate thing is, my consent might never be sought. As a researcher, I understand how some of this user generated data could help us in the studies of certain conditions such the metabolic syndrome, cardiovascular diseases, obesity and many more. And I have to admit, this could bring a lot of money into a lot of pockets.
At Lympo, users are allowed to generate, aggregate and most importantly, own their health related data. This way, users can monitor the progress of their health as well as conscientiously monetize this data.
Integration: There are about 11 organ systems in the human body that work in a coordinated manner to ensure the overall well-being of the human being. Your blood pressure, your pulse, your breathing pattern, your temperature, your weight and many of such parameters are all interconnected and should not be viewed in isolation if we need to reach a conclusive decision on our health. Unfortunately, many mhealth apps currently in the system, focus on one specific area. This segmentation does not enable users see the overall picture concerning their health.
Luckily, Lympo is here to assist users aggregate and integrate their health related data on a blockchain based platform. This holistic picture can be crucial to personal trainers, physiotherapists and even physicians in making health related decisions for their clients.
Free Data Flow: At this juncture, we can not exactly blame companies for wanting to keep user data to themselves. First of all, this gives them a competitive edge over other industry players and secondly, they may be breaching the law by sharing user generated data not only with other companies but in some cases, even within the company itself. Unfortunately, this does not help the digital health industry grow and most certainly does not help the users in anyway.
With Lympo, Users can own and freely share their data as they see fit. This way, there will be free flow of data through out the sports and health industry, enabling them to offer products and services that are tailored towards specific and general user needs.
So, What is Lympo and How Does it Work?
In simple terms, Lympo is a tokenized, decentralized and blockchain based platform which allows users to generate, but most importantly, control their fitness and health related data. The platform introduces the LYM utility token, which ensures that both individual members and industry players get to use health related data efficiently while rewarding everyone fairly. This way, we all go home happy. Basically, anyone can use Lympo: Users living a healthy lifestyle, Personal trainers and sports coaches, Gyms, Sports and wellness businesses, Health insurers, Employers, Health and fitness apps, Fitness/wellness/health start-ups, Investors and many more.
The Lympo ecosystem encompasses 3 fundamental pillars carefully planned and thought trough.
The Lympo digital fitness wallet and user reward mechanism: The Lympo platform revolves around a digital wallet which serves as a point of entry for new users. This allows users to create their profiles, enter their health data, as well as link this wallet to health and fitness tracking applications of their choosing. Users can both view and share data that has been uploaded via this wallet. Market players who are interested in accessing a user's digital wallet, can do so in 2 ways. They can offer rewards to users for either successfully completing a specific lifestyle goal or for checking into a particular location for a specified amount of time. For a start, the LYM tokens will be used to pay for services of fitness trainers, lifestyle coaches, as well as consultations from physiotherapists both online and offline. As the platform grows, the usage of this token is expected to include the purchasing of a wide range of healthy lifestyle products and services.
Lympo Marketplace, Monetizing Data: This is a decentralized market place which will allow users to offer and pay for fitness and health related services and subsequently products. This market allows users to get premium features on the Lympo platform. For Example, a fitness coach can purchase enhanced profile options and more exposure for their listing. Also, individual users can pay for additional storage features such as reminders and health advice. It is also worth noting that all holders of the LYM token will be beneficiaries of discounts and products from Lympo's partners. The good news is, as the platform grows, the data users generate will be made available on the market. Research institutions, health insurers and other huge companies interested in accessing Lympo user data can do so at a fee. That is, users can decide which information they want to share and to whom while getting paid for doing so.
Lympo Crowdfunding and Investment Platform: How would you like to be a shareholder of a promising fitness and health start-up business? To be honest, this is my favorite phase of the entire Lympo rollout. The good news is, Lympo ecosystem members will get to review and rate these start-up businesses, enabling potential investors to make informed decisions on their investments. Any holder of the LYM token can be a potential share holder in a promising start-up business. Additionally, people who enlist their businesses for crowdfunding on the Lympo platform, have two key value propositions.
First of all, businesses and experienced industry players will review and rate your business allowing you to make amends and modifications where necessary. This will also make it easier for entrepreneurs to find partners and investors in their line of business.
Secondly, the platform provides an already existing database of users from which start-ups can benefit. Using the tokens from investors, start-up can immediately buy relevant fitness and health related user data from the Lympo platform.
Below is the Lympo Roadmap, How Far They Have Come And Where They Intend To Go.
The Lympo Team
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