Blockchain-backed digital messaging applications are forecasted to skyrocket in value in the seven years with a projected 43.6% compound annual growth rate.
Blockchain use cases continue to surface as the technology becomes more accessible. In the case of already-known use cases, such as blockchain-based messaging applications, mass adoption is on the horizon.
According to a new report from Grand View Research, the global blockchain messaging application market size is forecasted to hit a valuation of $536.5 million by 2030. The report, released on Feb 1. highlights this as a 43.6% compound annual growth rate in the 7-year timespan.
In 2021, the market valuation for blockchain messaging applications was around $22.2 million. At that time, North America dominated the market and accounted for the largest share with over 29% of the global revenue.
However, during the forecast period, the Asia Pacific region is projected to register rapid growth in the blockchain messaging application market.
The report highlights increased concerns over privacy and security as major reasons users are adopting blockchain-based messaging apps over traditional messaging platforms. Blockchain messaging is typically encrypted end-to-end and no service provider is necessary for the process of delivering a message.
On Feb. 1, the new decentralized version of Twitter, called Damus, went live on Apple’s App Store. The app has prematurely been called a “Twitter killer” and goes by the “social network you control.”
Already existing alternative messaging services have been stepping up their game in terms of decentralization. On Dec. 8 Telegram announced that it will allow no-sim accounts through the use of 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.
The prevalence of blockchain can also be seen in other industries, like the automotive industry. On Feb 1. Toyota announced that it wants to explore blockchain use cases via a DAO 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.