The Business of Dating — Start-ups are thinking big to change the industry
The Rise of the Dating Industry
The match-making industry 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.
The Dating Industry Today
However, today most of the services aren’t properly fulfilling user wants and needs. It’s true there has been a meteoric rise in online dating — but there are core issues plaguing every platform today.
Dating sites 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.
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. Across all platforms, it is thought that 1 in every 10 profiles is a fake or fraudulent user.
Similarly, there have been severe security issues affecting the users of these dating platforms. With hacks such as the Ashely Madison case where 40 million user profiles were hacked with the data distributed on the dark-web.
Start-up Innovation
Start-ups are trying to change this with their forward-thinking innovation to solve these key issues and more. The innovation with the potential to truly solve these issues — Blockchain.
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 allowing for increased security.
Start-Up Profile — LoveBlock.one
One start-up building an exciting solution to solve these core issues and more in a collaborative and open approach is LoveBlock.one.
With the core decentralized capabilities of blockchain technology, identity verification can be made to truly guarantee a user’s authenticity. It will provide a fool proof 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.
Security on the whole will be vastly improved too. By storing user information in a decentralized and immutable public ledger, personal data safety can be guaranteed. Preventing the threat of constant hacking that exists today.
LoveBlock are innovating beyond the current core issues too. They will incentivize users to create a better dating experience for everyone. The value of each user’s behavior can be quantified, with positive behavior rewarded with tokens to continually motivate good actions.
Collaboration is key too. LoveBlock is building the infrastructure that will allow all dating platforms to join and benefit. They already have a first partnership secured with successful high-end dating app Luxy, who have over 2 million users and growing.
This project shows true potential to rid the dating industry of the issues today by creating a unique platform that solves the problems of today and innovates for the future.
Find out more by visiting www.loveblock.one
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