As the technology becomes more accessible, blockchain use cases continue to emerge and some of them, such as messaging applications based on it, are on their way to mass adoption.
According to a new report shared by Grand View Research, the global blockchain messaging application market is expected to reach a valuation of $536.5 million by 2030. The report, released on February 1, shows a compound annual growth rate of 43.6% over seven years.
In 2021, the valuation of the blockchain messaging application market was approximately $22.2 million. At that time, North America dominated the market accounting for the largest share, with more than 29% of global turnover.
However, the Asia-Pacific region is expected to experience rapid growth in the blockchain messaging app market.
The report highlights that growing privacy and security concerns are the main reasons users adopt blockchain-based messaging applications over traditional messaging platforms. Blockchain messaging is typically crittografata end-to-endwithout needing a service provider to deliver the message.
On February 1, the new decentralized version of Twitter, dubbed Damus, was shared on the Apple App Store. The application has been prematurely dubbed the “Twitter killer” and describes itself as the “social network that you control”.
Existing alternative messaging services have made great strides in terms of decentralization. On December 8, 2022, Telegram announced it would allow no-sim accounts using anon-blockchain numbers. This comes about a week after Telegram founder Pavel Durov said he was working on one set of new decentralized tools to combat abuses of power.
The diffusion of the blockchain is also evident in other sectors, such as the automotive sector. On Feb. 1, Toyota announced plans to explore blockchain use cases by holding a DAO hackathon to improve operations.
A few days earlier, the California Department of Motor Vehicles revealed plans to use Tezos, a private blockchain, to digitize the state’s vehicle management system.
