Blockchain and Dating App: The Perfect Match?

Tinder, Coffee Meets Bagel, OkCupid. How many dating apps have you tried and found your perfect match?

The Rise of Dating Apps

There is no doubt that the dating game has been shifting in the recent years. It has taken the matchmaking scenes into the digital sphere. The success and high user rate of big dating apps like the three matchmaking technology expert have led the rising trend of couples actually meeting from these online platforms. Furthermore, they are also responsible for the reduced social stigma of online dating around the world.

As a result, the online dating industry is growing rapidly in the world economy. In fact, the dating sector is now one of the fastest evolving industries and with record numbers of singles turning to the digital world to find every kind of relationship imaginable. These statistics below prove the trend and show no signs of it slowing down in the near future:

Infographics by Carvaka

The Heartbreaking Reality

Despite the rapid growth of dating apps and websites, there is still a large percentage of singles had their hearts broken by these dating platforms. According to several reports by Channel News Asia and Social Development Network, dating agencies participation rate around the world has actually increased. This means plenty of singles are also showing preferences to join a dating agency or to engage in a professional matchmaking service over these online avenues.

What are the missing pieces?

The increasingly prominent role of matchmakers is largely contributed by the shock and disappointment online dating users have experienced. There has been a skyrocketing number of profile misrepresentation cases permeating the system. Most of the existing apps including major names like Tinder and Bumble create little incentive for honesty, instead rewarding those whose profiles look the most visually appealing and not the most transparent nor the most trustworthy. Moreover, people don’t magically become extroverts online and for some users finding a match is still a challenging process.

Photo by Beta News

As a result, users of current dating apps are still waiting for these missing pieces to be addressed:

1. Trust and Transparency
2. Data security and privacy
3. Scam and fraud free activities

Blockchain is the Perfect Match!

Blockchain makes the perfect fit into filling these missing gaps of the picture perfect relationship. Through its core function of decentralizing apps, blockchain addresses each of the problem of the current mainstream dating platform mentioned above. Take a few minutes to understand dApp before reading further:

Decentralized system of blockchain can be explained simply by analogies. Check out these four interesting metaphors of blockchain.

Blockchain promises these ideal relationships through online dating:

1. Relationships built on trust

Photo by Jeremy Bishop on Unsplash

Every relationship requires transparency and honesty from both party. Blockchain is the perfect tool. Investopedia author, Joe Liebkin highlighted the appeal of blockchain technology on a transparent identification system of users:

“Blockchain technology is built on the idea of full transparency and immutability, two factors that play a large role in verifying users’ identities while maintaining the option of privacy. Because users can freely share information which will remain anonymous, but which is easy to verify on a chain, identities are thereby easier to validate.”

Blockchain’s operating system of a distributed ledger ensures accurate representation of users profile through verification process and additional details that creates incentives for good behavior. The end result is a transparent ecosystem that eases users’ fear of fraud and dishonest users.

2. Relationships unique to your needs and preferences

Photo by rawpixel on Unsplash

Blockchain-based matchmaking apps can cater to all types of daters. Are you slow to warm up or the fast-paced type? Either way, you can still find the one while enjoying the process and taking charge of the pace. This is possible due to the decentralized nature of blockchain technology that guarantees a level of privacy that users can control.

Vitalik Buterin, the head developer of Ethereum, explained simply the decentralized workings of blockchains. To him, blockchains are not completely decentralized, but only politically and architecturally.

“No one controls them and they have no infrastructural central point of failure, but they are logically centralized — one commonly agreed on state and the system behaves like a single computer.”

3. Relationships with more security

Photo by Micheile Henderson on Unsplash

Blockchain’s decentralized system brings great security to the users of these dating platforms, because they have a significantly lower risk to fail accidentally. They are more expensive to attack or manipulate due to the lack of sensitive central points, reducing the possibility of participants to act in ways that benefit them at the expense of others.

The power of blockchain in dating apps do not just stop here. It is revolutionising the way online dating works through the works of gamification.

Blockchain Changing the Love Game

As if those ideal relationships are not enough, blockchain also proposes to revolutionize the way online dating works by gamifying the process to further ensure a perfect relationship for everyone. By leveraging its obvious component of tokens and cryptocurrency, the platform rewards users for performing commendable actions. For example, an amount of token can be allocated to users for adding more profile data to make a more accurate match or ensure profile authenticity. The rewards are in the form of tokens native to the platform, creating another incentives to continue using the platform.

But there’s a twist. Users could also be punished for breaking hearts, like flaking out on a date. The network could hold a certain amount of users’ coin when agreeing on a date. Consequently, when the user failed to show up, the network or even the date may take the coin. Therefore, like how blockchain could provide a reward system, it could also penalize poor behaviors on the network.

Photo by rawpixel on Unsplash

A network of matchmakers

With the gamified system at hand, dating dApps could accomplish more effective matchmaking process, because the incentives system could generate any actions that would bolster the success rate of finding the right person. This has been done by Matchpool by handing the matchmaking power to users themselves, creating a network of matchmakers. Matchpool believes that the real matchmakers are those closest to the users. Therefore, in addition to matching people with shared common values, Matchpool actually utilizes the incentive-based community to provide motivation to the network to introduce people to one another for a real bond. Yonatan Ben Shimon, founder of Matchpool, notes:

“In the broader sense, every human interaction needs trust. That trust can be achieved by a mutual friend and we reward people to share their network for all sorts of purposes that involve human interaction and which require trust. It can be between employees and employers, or loving couple or even to order a plumber. We enable people to utilize their close bonds on one hand in order to help others and let other people connect with people like them on the other hand much easily and smoothly for all kind of purposes.”

Give love a chance

Ultimately, with such great promises dating dApps made for singles out there, the best way to find the truth is by trying them yourself. Witness this dating app revolution coming into reality by checking out this list of best blockchain dating apps.

About Principal Strategic

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References:

Aaron, M. (2018, June 25). Tech in Asia — Connecting Asia’s startup ecosystem. Techinasia.com. Retrieved 14 February 2019, from https://www.techinasia.com/talk/online-dating-blockchain

Loveblock (2018, July 20). The Future Potential of Dating Using Blockchain Technology. Hacker Noon. Retrieved 14 February 2019, from https://hackernoon.com/the-future-potential-of-dating-using-blockchain-technology-21a27571de16

Martin, J. (2018). Looking for Love? Three Blockchain Based Dating Apps » Blockchain WTF. Blockchain.wtf. Retrieved 14 February 2019, from https://blockchain.wtf/2018/04/blog/looking-love-three-blockchain-based-dating-apps/

Ogundeji, O. (2017, Feb 25). Why Crypto-Backed Matchmaking Platforms Can Beat Dating Apps. Cointelegraph. Retrieved 14 February 2019, from https://cointelegraph.com/news/why-crypto-backed-matchmaking-platforms-can-beat-dating-apps