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Once the transaction is verified, it’s added to a shared public ledger of all bitcoin transactions called the blockchain.
Because it is shared and based on computer verifications, the blockchain can’t be modified or falsified.
“I just think its wrong to victimize and rob people, just because they’re lonely and vulnerable.” Stories like these are not uncommon: As more Americans turn to dating apps for romance, the risk of being swindled by fake accounts has also grown. Malware bots prey on singletons swiping through Tinder and other location-based dating apps, in an attempt to trick them into handing over valuable information like bank account numbers or passwords. This kind of “catfishing” — a term born from a 2010 documentary about a man who begins a romantic relationship with a woman online who lies about who she is on her profile — resulted in nearly 0,000 in losses in the U. between 20, according to the Better Business Bureau.
In response, app makers have taken steps to make sure their users can be sure they’re dealing with a potential mate, not a potential thief.
Blockchain is the technology on which digital currency bitcoin runs.
When somebody sends another person bitcoin to pay for something, the transaction is sent to a network of computers for verification.
He said there is a real need for a “trusted source” to create a verification process on dating sites and other sites, just like Facebook and Twitter, which verify users by asking for a government identification document like a passport or driver’s license. “Always be leery of giving away your information,” Callahan said.
Now a new crop of new services are emerging to address these risks.The app also allows verification through a person who knows the user directly through a feature called ‘Vouch.’ Users on online dating apps can request to see someone’s Legitifi profile to verify they are a real person.The service has other safety measures as well, including searching the sex offender registry to vet its users.IBM, Accenture, Microsoft have all introduced technologies that would deliver blockchain-based identity verification in recent months.“We are at the very beginning of this,” Callahan said.
“But I applaud companies working to empower two-party identity proofing.” Blockchain is complex and, as such, it may be difficult for the average person to implement directly, said Mike Gross, director of product management at Experian Global Fraud & Identity.