Blockchain-backed digital messaging applications are forecasted to skyrocket in value in the next few years, with a projected 43.6% compound annual growth rate.
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.
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 seven-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 primary reasons users adopt blockchain-based messaging apps over traditional messaging platforms. Blockchain messaging is typically encrypted end-to-end, with no service provider necessary to deliver 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 app has prematurely been called a “Twitter killer” and describes itself as the “social network 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.
The prevalence of blockchain can also be seen in other industries, such as the automotive 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.
