What is Lympo?
The fitness and wellness industry has seen a major boom after the wide adoption of smartphones. Nowadays, most of the people don’t just work, many also track their progress with the use of their smart phones, wearable and accompanying the fitness apps.
Moreover, this data is being willing collected by the Million users across the globe, much of it is not yet being leverage. Lympo also employs the blockchain technology technology to make it possible for the users to monetize their data, and make it available to all those in the fitness and health industry who may also be able to utilize the information of a wide range of apps.
What problems does Lympo solve?
As of now all the data collected by the large number of different mHealth apps is not cross compatible and prior to the development of the Lympo, there also exists a no single platform where users can go to access such type of data. Lympo provides the means of interconnecting these existing apps, as well as any of the future apps, and also introduces a reward mechanism which encourage users to share their data and participate in the maintenance of the platform.
How does Lympo work?
Lympo utilizes the anonymous, distributed architecture of the blockchain to manage the exchange of data and securely store transaction records. This allows users to access all data generated on the network, and a record of all previous transactions of data exchanged is stored on each users system.
Personal health data is not stored on the blockchain itself, instead it is kept on servers, or nodes, thorough the peer-to-peer network. The blockchain only serves as the payment and processing tool to transact the exchange of data. All data on and off-chain is encrypted when storing, exchanging and viewing. The end-to-end encryption can only be unmasked when two trusted parties approve.
Transactions are carried out by smart contracts that are tied to the blockchain in order to execute specific actions when certain conditions are met. This replaces the function of most middlemen and intermediary services, thus reducing the need for human input and in turn, lowering costs as well as the risk of errors. User generated data can be complied from many resources including smart phone health apps, hospital and medical records, an gyms/fitness centers where clients are tracked with wearables and other electronic fitness devices.