Is Blockchain Based Instant Messaging The Next Big Thing?

There's no doubt that blockchain technology has grown into something of a behemoth over the past couple of years, and it's expected to get even more significant as time goes on.

According to Statista, worldwide spending on blockchain solutions has risen from $2.7 billion in 2019, and such is the interest going forward; predictions are it will be worth around $19 billion by 2024. Blockchain is everywhere, it's attracted the interest of investors and miners alike, but it isn't particularly new. Bitcoin, a form of blockchain, has been on the scene for more than a decade, and early adopters of the currency have made themselves a lot of money. However, it is about much more than currency now; blockchain is becoming a method of validation and ownership, rather than simply of exchange and trading. Indeed, it is now being leveraged by industries outside of finance as a method of storing and verifying other types of data using smart contracts development industries such as supply chain, land registry, human resources, and even food safety. However, will we see it disrupting the instant messaging industry any time soon? As it's something that is already permeating our everyday lives, will it find its way into the growing world of instant messaging?

Where does it fit in instant messaging?

It has already crept into a host of unlikely industries; a local brewery in Indiana is allowing its customers to use cryptocurrencies as a payment method, and in sports, it's becoming more prominent too. Users can access a crypto heatmap and check out which currencies can be beneficial for them. We saw crypto advertisements littered throughout the Super Bowl recently, but NFT stats show there's also been a real growth in interest in blockchain-based digital assets in the heart of sports. Right across the world, supporters of various clubs and organizations have been snapping up some of the latest developing digital collectibles, as Socios fan tokens have been selling out. These items are not only unique pieces of memorabilia that fans can use to show off their support, but the tokens also allow their purchasers to get closer to their favorite teams by affording them access to polls and VIP experiences. Blockchain is heading into gaming technology, too, as we've also seen video game giants, like Nintendo and SEGA, openly discussing their interest in NFTs.

That move has proven hugely unpopular; many gamers see the introduction of digital assets such as NFTs, using blockchain, as simple profiteering by companies. They feel monetized, not served by a company that values their custom, and that's one serious danger of introducing blockchain technology into an industry such as instant messaging. Still, if the blockchain can impact these areas, why not instant messaging too? If handled correctly, could blockchain seriously disrupt instant messaging? After all, having an IM chat on the blockchain has many benefits.

Benefits of blockchain instant messaging

First of all, the blockchain is far more secure than many of the current options we've got to stay in touch with our friends and family. A few years ago, one huge security scandal that had the world concerned was the harvesting of 87 million people's Facebook accounts by Cambridge Analytica. The incident brought on a 20% reduction in postings on the social media platform as users were concerned about potential unauthorized data sharing. This wouldn't be an issue on the blockchain; the decentralized technology would allow people to be more confident about security than ever before. We would know for sure that the person who sent the messages is correct due to the infrastructure, making it almost impervious to security breaches. The same technology which protects huge financial transactions, which ensures that one person is comfortable spending millions of dollars on digital artwork, would also ensure that you know where your recent IM has come from. It could feasibly be verified if someone tells you they're your friend on a new number. There have been numerous instances of IM scams, whereby people claim to be your friend or relative in order to scam you out of money. With blockchain IM, that wouldn't be possible in practice.

This means that we would be able to use IM solutions to help businesses even more as well. We've already mentioned the benefits of The Best End-to-End Encrypted Messaging Apps for Businesses and Governments, but using the blockchain would take this to the next level. Businesses need a heightened level of security; they're more likely to be targeted by skillful scammers than an average person, and therefore communications are sensitive and vulnerable. Whilst there are current methods of encrypting exchanges via email and the like, they have a 100% secure IM system leveraging blockchain would be a huge benefit. Of course, here at Troop Messenger, we already have such tight security protocols. Therefore, you are allowed to communicate any sensitive information with your reliable peers, such as if you buy Litecoin. We have multi-factor authentication which secures access control to your IM and therefore, your entire team collaboration platform. We have end-to-end encryption too, which some other IMs may not offer. However, a decentralized IM service could, in theory, either add an additional layer of unbreakable security or even allow the usual tried-and-tested methods to be left to one side.

Safety and Security

Due to the increased safety and security afforded by the blockchain, this could also mean that the IM service could be extended and allow the users to have other features that current services cannot currently implement. For one, businesses could benefit from the best Bitcoin wallets, which would be ideal for transferring funds no matter where they are in the world. The same would go for confidential files or photos, allowing companies to share important documents worry-free. Essentially, blockchain technology could extend the current benefits of IM systems for businesses, incorporating financial elements without additional risks. We're always told never to send personal details over IM as they could be vulnerable. Yet, blockchain technology could make them completely impenetrable to hackers, ensuring that an IM system allows for payments and messages.

Another benefit of the technology being decentralized is that if you were to head into a country that bans other social networks or IM services, you wouldn't have to be concerned about a similar issue with blockchain messaging. There wouldn't be a way for the blockchain chat to be closed entirely in a region or country. As long as you have access to the world wide web, you'd be good to go no matter where you were. Of course, this could have significant implications, especially in countries where free speech is controlled. There might be controls around IM systems as a whole, rather than just specific outlets, but the technology would still allow for complete freedom of speech, posing a problem for some governments, but a safe haven for those wishing to exchange information in regions where it may be difficult.

Conclusion

As you can see, blockchain technology has many potential benefits that individuals and businesses could utilize through instant messaging. Whilst there are already IM apps utilizing blockchain technology, they are not becoming the norm. It is difficult to see any major shift towards blockchain in the industry within the next couple of years, but there's certainly scope for the future. Sadly, although you're able to show off your support of your sports team or buy your favorite drink via the blockchain right now, we may have to wait a little longer before we see instant messaging become part of the new world too.