Blockchain use cases continue to surface as the technology becomes more accessible, with some use cases, such as blockchain-based messaging apps, poised for mass adoption.
According to a new report from Grand View Research, the global blockchain messaging application market size is expected to reach a valuation of $536.5 million by 2030. The report, released on February 1, highlights this as a growth rate annual compound of 43.6% in the seven-year period.
In 2021, the market valuation of blockchain messaging apps was around $22.2 million. At that time, North America dominated the market and accounted for the largest share, with over 29% of global revenue.
However, during the forecast period, the Asia-Pacific region is expected to witness rapid growth in the blockchain messaging application market.
The report highlights growing concerns over privacy and security as the top reasons users are adopting blockchain-based messaging apps over traditional messaging platforms. Blockchain messaging is typically end-to-end encrypted, with no service provider needed to transmit a message.
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On February 1, the new decentralized version of Twitter, called Damus, went live on Apple’s App Store. The app has been prematurely labeled a “Twitter killer” and describes itself as the “social network you control”.
Existing alternative email services have stepped up their game in terms of decentralization. On December 8, 2022, Telegram announced that it would allow SIM-free accounts using non-blockchain numbers. It came about a week after Telegram founder Pavel Durov said the app was working on a set of new decentralized tools to combat abuse of power.
The prevalence of blockchain can also be seen in other industries, such as the automotive industry. On February 1, Toyota announced that it wanted to explore blockchain use cases through a decentralized autonomous organization hackathon to improve operations.
A few days earlier, the California Department of Motor Vehicles revealed that it planned to use Tezos, a private blockchain, to digitize the state’s car title management system.