Blockchain technology is becoming a foundation of the Internet. The closed internet is now a decentralized open-source system. To better serve customers, every sector now uses this technology. The blockchain solution is promising in social communications, especially. Meta and Instagram are two popular messaging apps that offer blockchain solutions, including cryptocurrencies and NFTs.
A new wave of blockchain-based messaging apps is emerging, offering innovative solutions. The key benefits of these projects include security and privacy as well as secured micropayments. Blockchain opens up new trillion-dollar potential in the communications sector. This technology’s permissionless, trustless, and open-source nature promises to eliminate legacy problems that have plagued the messaging application.
Current Messaging Landscape
The majority of today’s communication happens through social media applications. WhatsApp is the most popular social media application with almost 2 billion users. Wechat and Messenger (Meta), which each have nearly 1.3 billion to 1.2 billion, are next. These huge growth rates are largely due to the widespread use of smartphones, internet accessibility and easy access. These platforms offer unified communication channels that combine features such as micropayments or media transfer.
These rapid advancements have left some important issues unresolved. Security and privacy are the main issues for users. Many messaging platforms have inadequate security. WhatsApp boasts of its encryption technology for end-to-end messaging. However, this can be bypassed by backing up data to a server in the cloud.
User privacy is also a concern. Numerous social media companies were accused of collecting user data without users’ consent and then using that information to create targeted ads. Facebook–Cambridge Analytica data scandal is one of the greatest examples of this. Cambridge Analytica was a British consultancy that gathered the personal information of millions of Facebook users in 2010, without their consent. This data was later used to advertise for politics.
Additionally, users have been worried about the censorship. Accounts of people who are against a specific viewpoint have been blocked. In the end, platforms became more user-focused than business-focused. This is exactly what blockchain is trying to address.
Blockchain: Privacy and Security First
The majority of current messaging issues can be solved by blockchain technology. First, it provides a secure platform infrastructure. The blockchain stores all data encrypted. It also employs sophisticated consensus mechanisms to ensure hack-proof systems. It is not possible for anyone to access your account.
Privacy is another key advantage of this technology. Web3 wallets are the most popular method of interaction with blockchain users. They’re non-custodial, anonymous and completely anonymous. The blockchain even allows crypto transactions to be anonymous and without permission. Anybody can send any amount of money to any part of the globe without any restrictions. By allowing for borderless transactions, low fees and validation of the blockchain, crypto payments can eliminate fiat limits.
This is more than a theoretical idea. New projects already offer blockchain-based communications services. TokLok allows people and businesses to easily and securely communicate with each other using blockchain. Users can choose with whom they wish to communicate through the non-public messaging feature.
Also, the app offers message encryption. Once the user has finished reading it, the content is removed from the application. Additionally, the app does not store or collect any personal information. Its native $TOL utility token powers the ecosystem, giving users lifetime access to it as well as many other benefits.
Building the foundation for a safer future
Many businesses have benefited from blockchain’s emergence, especially the messaging industry. This technology is expected to solve all the problems associated with social media efficiently and economically. It has many benefits, including privacy and security. However, the technology also enhances the user’s experience. TokLok and other platforms that offer decentralized communications services are setting the stage for the future. Blockchain will transform users into owners.