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The digital health market is exploding both in number of new companies and with the expected market size of $233.3 billion by 2020. Much of growth is predicted to come from the mobile health (mHealth) market. In 2016 alone, the estimated total number of mHealth apps increased 57%2. In that same year, the number mHealth app store downloads totalled 3.2 billion, with 52% of smartphone users gathering health-related information on their phone.
Most newer phones have inbuilt health-related data gathering capacities predicating this number to soar in the upcoming years. What data are we gathering? Over the years, the fastest-growing mHealth sector was the fitness and wellness domain with a projected compound annual growth (CAGR) of 48.1% 4 . 65% of all mHealth apps in the U.S. connect to wellness services, among which fitness has a strong leadership position with 36% of the total apps. Top categories also include weight loss, exercise,Women health, sleep and meditation.
Blockchain is first and foremost about a peer to peer exchange of value. The following demonstration reviews the exchange of an individual's fitness/workout data for various rewards from organizations they interact with.
An additional problem with the mHealth sector is that the market is very segmented. Most apps focus on one specific area, while each of the providers gather only very specific information, thus lacking an overall picture. While various aggregators that allow integration exist, users are reluctant to connect their apps and wearables to them because there is no real advantage for a user to have this data in one place: aggregators rarely answer the question. Usually integration only means that a user is transferring more data to one app provider with no reward mechanism for its user. Thus, the interaction stays mostly limited to occasional data sharing on social media.
In addition to this, numerous research accounts show that privacy is the number one concern for mHealth users. Most companies oering possibilities to integrate data are big players like Apple, Google or Microsoft that regardless own a lot of users’ data and do not inspire the trust that is needed to store sensitive health information in one place.
In the demo, the workout/health data never leaves the person's phone. The person accepts a fitness challenge from an organization, and each time their workout matches the challenge criteria, it is recorded as a transaction in a block.
During the demo, we will view what the individual sees, what a network administrator sees, and what the organization sees. We look behind the scenes at the blockchain fabric where fitness challenge data exists and explore the tenets of:
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Block 'N Bitz