Using blockchain to secure fitness wearables user data; GOQii to develop use cases

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Published: November 27, 2018 8:25:53 PM

One of the reasons why Japan’s Galaxy Digital backed GOQii is because of its role in the blockchain space with existing services, claims CEO Vishal Gondal.

California and Mumbai based GOQii was launched by Gondal who previously founded game development company Indiagames and sold it to Disney UTV in 2011.

One of the reasons why Japan’s Galaxy Digital backed GOQii is because of its role in the blockchain space with existing services, claims CEO Vishal Gondal.

India’s second largest fitness wearable device maker GOQii is adopting blockchain technology to make its users’ data more secure across its various service offerings, CEO and co-founder Vishal Gondal said to FE Online.

California and Mumbai based GOQii was launched by Gondal who previously founded game development company Indiagames and sold it to Disney UTV in 2011. GOQii assigns ‘health score’ to users, offers GOQii cash — its in-app currency and GOQii Health Locker for tracking medical history.

GOQii has second largest market share in its segment in India after Xiaomi, according to IDC. It recently reportedly raised around $30 million from New York-based digital assets and blockchain-focused merchant bank Galaxy Digital, Japan’s general trading company Mitsui & Co, and Denlow Investment Trust.

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“This is a strategic investment. One of the reasons why Galaxy Digital has backed us is because they see our role in the blockchain space with our Health Score, Cash, Health Locker etc. This can be secured from a privacy and usage perspective on the blockchain,” Gondal told.

“Imagine based on your health score we are giving you discounts with insurance companies. Data fragmentation and lack of data authentication are challenges in the insurance industry,” Gondal said. “Let’s say if records of a blood test report are on the blockchain then companies and other users can access it with your permission.”

GOQii will allocate the amount raised on expanding to Japan and spending on marketing. “Japan is the second largest economy in Asia and second largest life insurance market in the world after the US,” said Gondal.

“Their healthcare cost is ballooning because of increasing old population. Since we are at the intersection of insurance and healthcare markets, Japan was the obvious market. For that Mitsui is the great partner to have.”

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