A London start-up known as Bitwalking has recently risen into the news by doing something that would perplex the business minds of many companies. They are paying people to walk.
Bitwalking is an app that can be installed on a smartphone and it simply monitors walking distance; something that wearables and other apps have been doing for years now. The difference? Every step generates money.
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Many may think that this is just some crazy idea that will be thrown under the carpet within a month, but Co-Founders Nissan Bahar and Franky Imbesi have attracted more than $10 million in funding from mainly Japanese investors to start up the digital currency and create the banking system that will verify steps and currency transfers.
Initially, users will be given the choice to spend their currency on an online store or to convert to cash, but the company has high hopes that other companies, footwear brands in particular, will jump on board and donate to the online store.
Japanese electronics giant, Murata, has already begun working on a wearable wristband that will act as an alternative to carrying a phone and will collect the data to convert to the currency.
The whole idea behind the concept is to provide what many consider the ultimate incentive. If there’s one thing the laziest person in the world will get off the couch for, it’s money.
Here’s a great video by the BBC demonstrating the Bitwalking app:
If all goes well, the plans for the business involve partnering up with international sports and exercise brands to promote the new product, and in return, those businesses would receive unique insights into their target customers.
Although this isn’t the first time the whole idea has been developed, this is the first time it has been created with any real accuracy, meaning that people would eventually find ways to get around the step counter and generate their currency without actually doing anything. To combat this, Bitwalking, alongside Google developed an algorithm that tracks movement more accurately and rules out any cheating or faking.
Bitwalking hasn’t released any algorithms or given away anything as to how the tracking will work, but has explained that the use of GPS technology and WiFi connections are what bounce off each other to form the data.
With so much money funding the project, and with a great deal of media exposure so early, the only issue left is to bring major brands on board. If brands like Nike, Adidas or Under Armour can make some sort of agreement that will allow users to use virtual currency at their stores, then Bitwalking has the potential to change the sporting industry and do a lot of good for people around the world who could certainly use a bit of extra cash for doing what they already do a lot of: walking.
To download the app, people need to request an invite from the business’ website.