The Internet has transformed the dating industry, and now you don’t need to advertise in the newspaper to find a partner. Blockchain technology offers to secure the virtual dating industry, and a mysterious stranger from the Internet with blue eyes will not turn out to be your neighbor with brown eyes, and she will not be able to defraud you of money for the funeral of your beloved grandmother, because this grandmother was just riding in the same elevator with you.
According to Market Research, the online dating industry in the United States alone is valued at $2.5 billion. Revenue levels in the industry are expected to increase by 3.9 percent from 2018 to 2020, and with the use of blockchain technology, this figure could become even higher, as it could address the industry's main problem, which is keeping people away from dating online.
The BBC reported that in 2016, a woman in Sweden was defrauded of thousands of euros by her Internet lover who turned out to be a scammer from Nigeria and disappeared. In another case reported in Reader's Digest, a widow in her 50s lent $300,000 to an online friend who, coincidentally, also disappeared. Unfortunately, these two cases are not the only ones; According to a Scam Watch report, the dating industry has the second highest rate of scams. In 2017 alone, more than $20 million was lost to online dating scams.
Blockchain technology will help eliminate this problem by providing a reliable mechanism to verify each user's account. By using dating sites based on blockchain technology, users can be confident in the authenticity of the identity of the people they communicate with online.
The second problem that the technology will help solve is related to the security of personal data. Dating sites have always been attacked by hackers; an IBM Security study found that 60% of Android mobile dating apps are susceptible to hacking. The worst case occurred in 2015, when more than 25 gigabytes of data were stolen from the Canadian dating site Ashley Madison, resulting in a class-action lawsuit for $500 million.
With blockchain technology, online dating agencies and their users can be absolutely confident in the security of their personal data. Dating site Hicky, for example, is an Ethereum-based platform that verifies the identity of its users through face scanning and voice identification, and all personal data is stored in a decentralized public ledger that cannot be hacked by hackers.
Viola..AI, another dating platform, verifies users' IDs, using facial recognition technology to check whether the photos on the page match the user's identity.
There are many other ways in which blockchain technology can improve the online dating industry.
According to https://www.nasdaq.com
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