- What is the pain point?
When being a member in a gym, you usually pay a certain amount of money per month in return for the use of the equipment and the participation in fitness courses.
Since a gym is a typical example for a club good, the quality of working out is decreasing when more members are using the gym. Consequently, it would be optimal (and fair) to adjust the monthly paid price according to the number of the enlisted members per month. If one thinks this argument to the end, this price adjustment could take place not only monthly, but weekly, daily or per second. This leads to high transaction costs. The pain point is not the monitoring of enlisted or working out members. this can easily be tracked one you present your card at the gate and the monthly received member ship feeds. The paint point rather is huge amount of money transfers.
- How could this pain point be reduced or eliminated in a blockchain-world?
Since there are almost no transaction costs for the end-consumer, this problem could be eliminated with the blockchain technology.
Monthly costs of a gym membership could be adjusted for every member, based on how many people are members and how often each members uses the gym. If more people are using the gym, the monthly membership fee for each member may be decreased. The monthly membership fee can be rearranged based on the total number of members at this certain point. Consequently the costs are continuously reallocated based on the usage behavior. The blockchain technology would enable an uninterrupted calculation of the monthly price for a gym membership. For instance people might get money back, because they did not go to the gym that often. To put it all in a nutshell people would pay a fair monthly price, which is based on their usage behavior.