News, on September 4, Binance Research recently released a report stating that blockchain, distributed ledger technology (DLT) and the applications they build have the potential to significantly improve the efficiency of the payment industry and pose challenges to participants in this field .
Data disclosed in the report shows that traditional payment systems are expected to generate US$2.83 trillion in revenue in 2024 and are expected to reach US$4.7 trillion by 2029, with a compound annual growth rate of 10.8%.
Binance Research said that blockchain can create "miracles" for merchant and consumer experience, providing a globally unified and transparent digital environment. Due to the large scale of the payment industry, the adoption of technologies such as blockchain may be slow and cautious. However, researchers believe that this gives the blockchain industry time to "move out of adolescence", build the necessary tools, and solve problems such as scalability and regulatory uncertainty.