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.

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.

(By SAVANNAH FORTIS)