Hi Kevin, welcome to our series “Behind the Startup.” Please tell us about yourself and the story behind ? Ishan Pandey: 360Wellness I used to be a French Product Engineer. I completed my MBA from and moved to Singapore in January 2013, where I lived for 7 years working for the world’s 2nd largest automotive parts manufacturer, a German company named ZF Friedrichshafen. At ZF, I rose to become Head of Product Management and Engineering for the Asia Pacific region and led a team of 60+ people across 6 locations. My first-hand experience in the world of sports and fitness was competing professionally in endurance sports and Triathlon. I notably qualified for the Ironman World Championships in 2019. Shortly before leaving my job at ZF group, I began coaching athletes online as a side hustle. This eventually led him to the initial project idea of 360Wellness. Kevin Serou: ESMA The full team internally and 3rd parties are over 40+ people, so we are growing a lot in the last few months due to the covid pandemic, which has moved people’s fitness regime to home. The team currently has 15 engineers full time on the mobile and web platforms, building unique new features. Please tell us about digital fitness and how can the blockchain disrupt the industry? Ishan Pandey: Digital Fitness is not for everyone and to let everyone exercise against their joint will, it is crucial to incentivize fitness activities with rewards based on cryptocurrency. It incentivizes cryptocurrency use and allows for the adoption of groundbreaking decentralized fitness and wellness app that connects people worldwide with upcoming loyalty rewards for staying fit and healthy. The cryptocurrency is fully integrated into the ecosystem as a credible alternative to fiat currencies for consuming health and fitness services and products. Kevin Serou: The main revenue generation for crypto-based fitness app is to allow more users to join the live classes, where the users earn more token, which is used for extra discounts. Imagine bringing on only a few hundred coaches onto our pay as you go platform and the growth they can have with only 10-20 users on each of their live classes. What are your views on the NFT art craze? Further, how will NFTs work on DEFIT? Ishan Pandey: The NFT art craze is here to stay. Before taking a picture of a rare piece of art was a visual you could use and easily fake in your own possession. This time the blockchain really validates with the world who is in ownership of the art. It’s a true game-changer and we don’t believe we will go back at all to the old ways of verifying art. The world is indeed moving into the digital space, and blockchain-based token will be the next frontier of digital fitness. Kevin Serou: NFT integration fitness app can make fitness easy and fun. To incorporate such things into the mobile application and the NFTs evolve with your persona as an athlete. According to you, which business model is most appropriate for a digital fitness business? Ishan Pandey: The ideal type of business model is based on the specific type of fitness activity and mode of business the company is choosing.  I can, for example, given insights from how we based our business model. We started off with the commission-based approach because our mission is to make physical activity affordable and accessible to anyone. Kevin Serou: To do this, we believe that the is definitely the most viable option to do. The main reason behind this idea is because many coaches out there don’t have the marketing or backing they need to create their own business in the fitness world. Instead, they have to start from scratch with an Instagram or Facebook page, set up a website or only a Google Form sheet for their clients. ‘Pay As You Go Model’ The solution to this is to give the coaches a platform to get the clients they need without spending money themselves to start their own business. Also, we aren’t entirely disregarding the subscription-based model, as it can also be applied in a decentralized manner. We do see the advantages of giving the user the option they need to purchase classes and services from the app. Additionally, we believe that a subscription-based model can be applied for coaches directly with their clients if they feel the need to do so as this has a motivation factor with clients who have paid monthly and don’t want that money to go to waste miss classes or training. Do you think decentralization of the digital fitness ecosystem terminates all chances of third-party exposure to user data? If so, do you think it can lead to mass blockchain adoption? Ishan Pandey: Decentralization is happening before our eyes in the Crypto space, but there will always be parts of centralization that are critical for a society to operate. Even if there are decentralized coins that do all they can to make sure it is as decentralized as possible, the people of the projects in some way or another have to come together to drive that decentralization which in itself is centralization. Kevin Serou: Therefore we don’t believe centralization is going to be terminated at all. The percentages of decentralized systems to centralized systems is and will continue to change, such as getting away from Google, Facebook and all those big players that collect our data for free. For the fitness space, we believe it will be the same movement and the people that do want to share their user data to get back money for it can be rewarded for this. In what other ways can blockchain technology be leveraged into boosting and assisting the fitness industry whilst fuelling a future of fit and healthy people? What are some major challenges in the fitness world which can be eradicated with the adoption of blockchain technology? Ishan Pandey: It is safe to say that people have become more aware of the value of living a healthy lifestyle as a result of the COVID-19 pandemic. People all over the world have begun to prioritize fitness, from bettering their eating habits to incorporating exercise into everyday routines. As a result, Internet-based health & fitness applications, especially mobile apps, have become an indispensable part of modern life. Kevin Serou: However, while these applications have a lot of appeals, they also have a lot of disadvantages - the lack of data protection being the most significant issue at play. Third-party apps can access a user’s personal data through these centralized applications and this personal information is then used for a variety of purposes. Research institutes use our data to evaluate performance based on our age, place, physical characteristics, eating habits, gender, and other factors. Furthermore, the legitimacy of services offered by such apps is reliant on a central authority. This is where blockchain comes in. The introduction of blockchain has opened up the possibility of building a decentralized ecosystem that can revolutionize any industry. The immutable and distributed ledger of blockchain enables the network to be open, impartial, and trustworthy. 360Wellness is an example of a decentralized application designed to make fitness easy. Our application offers the safest and reliable ecosystem while still meeting all of the user’s requirements in one convenient location. The dApp offers a comprehensive service in terms of fitness, whether it is a workout regimen, eating schedule, sleep monitoring, mental health, or even instructional content. COVID-19 has affected every aspect of our lives. In what ways, according to you, will the pandemic affect the adoption of the blockchain industry within the financial ecosystem? Ishan Pandey: Recently, the need for blockchain was intensified when unexpected demand for vital products (personal protective equipment and testing kits) emerged due to the COVID-19 pandemic. Because of COVID-19 issues, different levels of legislation levied by national and local governments across the world slowed and disrupted nearly all supply-chain networks. Kevin Serou: The world has relied on globalization to reap the advantages of these dynamic supply chains; however, severe bottlenecks, stalled production lines, and the unavailability of vital materials have forced countries and businesses around the world to reconsider their procurement strategies during this pandemic. COVID-19 delayed the flow of products and people and the development and advancement of blockchain technology itself, resulting in a visible downturn in blockchain investments, delays in project developments, and major blockchain and cryptocurrency conventions being either postponed or cancelled of pandemic restrictions. However, as the pandemic subsides, this should fade and blockchain investments should recover. Thus, although the current disruption has posed short-term challenges for the blockchain industry, it will also open up new opportunities in the medium and long term. Ultimately, blockchain technology will continue to move forward in the financial sector despite these recent challenges. “temporary slowdown” In conclusion, the potential of blockchain technology is enormous, and the delays caused by COVID-19 will have little effect on its ability to build stable ecosystems. Furthermore, there will be a strong desire to put the supply chain onshore or nearshore in the post-COVID world in the name of resiliency, reduced risk, quicker distribution, and data security. What does the roadmap ahead look like for the fitness ecosystem, especially after adopting the blockchain industry? What new developments can we expect to see within the industry? Ishan Pandey: Many health and wellness enthusiasts are gradually incorporating fitness apps into their routines. The use of gamification in the healthcare sector has resulted in increased participation, which has improved outcomes, and when combined with blockchain technology, it can help enhance the process by providing transparency that lacks centralized applications. Kevin Serou: Since all transactions are made on the encrypted blockchain network, blockchain technology ensures the protection and privacy of the user’s data while also eliminating the need for intermediaries. Users will have full access and control over their health records since the data will be stored on the blockchain. Smart contracts, enabled by blockchain technology, allow users to connect and receive tips and lessons. Users can also benefit from communicating with their trainer through public blockchain videos, and the industry can offer loyalty programs to their customers. Users will simply pay to download lessons and material posted by their instructors. The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions. The material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company. Ishan Pandey.

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Gamification through Tokenization Can Disrupt the Fitness Industry

Gamification through Tokenization Can Disrupt the Fitness Industry

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