Blockchain use cases continue to surface as the technology becomes more accessible, with some use cases, such as blockchain-based messaging applications, on the brink of mass adoption.
A new report from Grand View Research predicts that the global market for blockchain messaging applications will reach a valuation of $536.5 million by 2030. -year timespan.
The market valuation of blockchain messaging applications in 2021 was approximately $22.2 million. At the time, North America dominated the market, holding the largest share and accounting for her over 29% of global revenue.
However, Asia-Pacific is projected to register rapid growth in the blockchain messaging application market during the forecast period.
The report highlights growing concerns about privacy and security as the primary reason users are adopting blockchain-based messaging apps over traditional messaging platforms. Blockchain messaging is typically end-to-end encrypted and does not require a service provider for message delivery.
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On February 1st, a new decentralized version of Twitter called Damus went live on Apple’s App Store. The app has been prematurely dubbed a “Twitter killer” and calls itself a “social network in your control”.
Existing alternative messaging services are stepping up their game in terms of decentralization. On December 8, 2022, Telegram announced that he would allow SIM-free accounts using non-blockchain numbers. This comes 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 popularity 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 and improve operations through a decentralized autonomous organization hackathon.
A few days ago, the California Department of Motor Vehicles revealed plans to use Tezos, a private blockchain, to digitize the state’s vehicle ownership management system.