Yes you read the title correctly, Apple recently filed a patent for a Smart Bike. Apparently, the Apple Smart Bike will allow cyclists to communicate electronically with one and other, while sharing a multitude of items like speed, distance, time, altitude, include, decline, power, heart rate, cadence, derailleur settings and much more.
In order to use the the Apple Smart Bike, you must have a iPhone or iPod Touch. This project resembles that of the Nike + iPod, where you had to purchase certain sneakers plus a app to use.
In the patent, Apple says that a armband is a possibility, or a screen on the handlebars. We must say, the patent is lengthy, and leaves a lot of room for what is to come from Apple, but one thing is for sure, they covered every corner possible for anyone to copy or replicate.
Source: Patently Apple