An Online Dating Market Outlook with LoveBlock
The Rise of the Online Dating Industry
Matchmaking is one of the world’s oldest professions. From the days of ancient China when swallows were used to decide a suitable match and the Biblical stories of the camel test to the wacky scientific methods of the 1920’s and then onto the online world of today.
Consequently, it is no surprise that the business is booming with the many thousands of apps and websites available. In fact, the dating sector is now one of the fastest evolving industries on the planet and with record numbers of singles turning to the Internet to find every kind of relationship imaginable, there shows no signs of it slowing down.
Young adults are leading the surge in online dating, with the greatest usage among 18–24-year-olds. However, young people aren’t the only ones looking for a partner in this digital dating revolution.
A study has revealed that 55–64-year-olds are also flocking to online dating in increasingly greater numbers.
In the U.S. alone the online dating industry is estimated to be worth over $2.5 billion according to data from 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.
Core problem with dating industry: fraudulent activities, fake profiles, scams and data breaches
Although there has been this meteoric rise in online dating, a large percentage of users have been left unsatisfied due to some core issues that are plaguing almost every dating platform.
Dating websites have been troubled by issues of profile authenticity since the beginning. The once-great Match.com became renowned for fake profiles and resultingly people have grown tired.
The industry is undoubtedly in a boom after millions of new users flocked to join online dating services in recent years, but it is not without its headwinds. 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.
BlockChain and Online Dating
Blockchain technology has the potential to help heal many of these online dating wounds.
Blockchain technology is built on the idea of full transparency and immutability, two factors that can play a significant role in verifying user’s identities, while maintaining the option of privacy and even allows for increased security.
Over the last few years there have been widespread instances of data being stolen from dating sites. With blockchain technology this threat can be reduced down to a bare minimum or in theory zero.
The Solution
At LoveBlock we have built a solution to solve these core issues and more in a collaborative and open approach.
1.Identity verification — 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 profiles.
2.Personal data safety and security — ensuring data safety by storing it in an immutable public ledger.
3.Incentivizing users to create a better Dating Experience — The value of each user’s behavior can be quantified through LoveBlock. Positive behavior will be rewarded with tokens to motivate and ensure a positive platform
4.Improving the matchmaking process — Dating circles allow personalized dating and user contributions which will be rewarded with DDD tokens
To find out more visit www.loveblock.one where the Bounty Content Creation Program will go Live soon!
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