Blockchain use cases continue to surface as the technology becomes more accessible, with some use cases, such as blockchain-based messaging applications, on the cusp of mass adoption.
The global market for blockchain messaging applications is expected to grow to $536.5 million by 2030, according to a new high-profile research report. The report, released February 1, points to a compound annual growth rate of 43.6 per cent over a seven-year period.
In 2021, blockchain messaging app market valuation was approximately $22.2M. At the time, North America was the market leader with the largest share, accounting for more than 29% of global revenues.
However, over the forecast period, the Asia-Pacific region is expected to see rapid growth in the marketplace for blockchain messaging applications.
The report highlights growing privacy and security concerns as key reasons for users to adopt blockchain messaging applications over messaging platforms. traditionalists’t’t’t’t’t’t’t’t’t’t’t’t’s. Blockchain messages are generally encrypted end-to-end, and no service provider is required to transmit a message.
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On Feb. 1, the new decentralized version of Twitter, called Damus, went live on Apple’s App Store. The application was prematurely referred to as a "Twitter killer" and is described as the "social network that you control.“
Existing alternative messaging services have been stepping up their game in terms of decentralization. On Dec. 8, 2022, Telegram announced that it would allow no-sim accounts using anon-blockchain numbers. This came about a week after Telegram founder Pavel Durov said the app is working on a set of new decentralized tools to combat abuse of power.
Blockchain prevalence may also occur in other industries, such as the auto industry. On Feb 1. Toyota announced that it wants to explore blockchain use cases via a decentralized autonomous organization hackathon to improve operations.
A few days prior, the California Department of Motor Vehicles revealed that it plans to use Tezos, a private blockchain, to digitize the state’s car title management system.