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Matrix is an open standard for real time communication, like chat and video. So instead of locking yourself into one provider such as Slack, Discord, Facebook Messenger, Microsoft Teams, Google Chat, etc. you have the same API to all of these services and can use the same client and even communicate across servers.
The best is obviously for each provider to expose a full Matrix API but obviously they are hesitant to do this. There are gateway services which allow Matrix to communicate with existing services but these do have limited functionality. So currently the transition from proprietary protocols to Matrix is not easy. But once people have moved to Matrix it will become easier to work across organizations.
One notable example is how the German Army have set up Matrix based services which allow them to host their own secure systems without relying on others while still being able to communicate with external vendors and contractors using the same service.
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