Binance Research: Blockchain technology may significantly improve the efficiency of the payment industry

On September 4, Binance Research recently released a report stating that blockchain, distributed ledger technology (DLT), and the applications built on them have the potential to significantly enhance the efficiency of the payment industry and pose challenges to participants in this field.

The report disclosed data indicating that traditional payment systems are expected to generate $2.83 trillion in revenue by 2024, and this is projected to reach $4.7 trillion by 2029, with a compound annual growth rate of 10.8%.

Binance Research stated that blockchain can create "miracles" for merchant and consumer experiences, providing a globally unified and transparent digital environment. Due to the vast scale of the payment industry, the adoption of technologies like blockchain may be slow and cautious. However, researchers believe this gives the blockchain industry time to "grow out of its adolescence," establish the necessary tools, and address issues such as scalability and regulatory uncertainty.