the U.S. alone, the online dating industry is estimated to be worth over $2.5
billion, according to Market Research. The sector is expected to
maintain continuous growth, with a study by Statista predicting a global annual
revenue growth rate of 3.9 percent from 2018 to 2022. However, with the
entry of blockchain technology, growth could accelerate because the
technology is offering to eliminate the key challenges that are keeping the
masses from embracing online dating.
of these challenges is identity verification, which leads to the fear of
falling victim to scammers hiding behind fake dating profiles. In 2016, the
BBC reported a
a Swedish woman who had lost thousands of euros to a Nigerian scammer she had
met and befriended online. In another case, reported in Reader’s Digest, a widowed woman in her 50s is said to have lost
over $300,000 to an online lover turned scammer. Unfortunately, these two
cases are not the only ones; according to a report by Scam Watch, the dating and romance
industry is the second-most targeted by scammers. The report shows that in 2017
alone, over $20 million was lost through dating- and romance-related fraud.
technology is doing away with this challenge by providing a foolproof mechanism
for verifying every user’s account. As a result, with a blockchain-powered
platform, users can have an assurance of the true identity of the people behind
challenge that the technology is countering involves personal data
safety. Dating sites have always been a top target for hackers, with
a study by IBM Security showing
that 60 percent of Android-based mobile dating apps are prone to
hacking. The worst case so far happened in 2015 when Ashley Madison, a Canadian dating website
for people seeking extramarital affairs, was hacked and more than 25 gigabytes
of data was stolen, leading to a lawsuit worth over $500 million.
blockchain technology, online dating firms and users have a guarantee of
top-level personal data safety. Hicky, for example, is an
Ethereum-based platform that seeks to enable online dating user
verification through face scanning and voice identification while ensuring data
safety by storing it in an immutable public ledger.
Viola.AI, another dating platform
driven by artificial intelligence, machine learning and blockchain technology,
aims to increase transparency in online dating through a “real ID” verification
system. The system applies face recognition technology to identify the authenticity
of photos used in online dating accounts. Once the information is
confirmed, it is stored in a decentralized public ledger where it cannot be
stolen by hackers.
are many ways that blockchain technology can improve the online dating industry,
and this is just the beginning. For forward-thinking innovators and investors,
this is, therefore, the best time to get in the game.