Blockchain News: Transforming the $2.83 Trillion Payment Landscape
Friday, 30 August 2024, 06:56
Blockchain News: Disruption in the Payment Industry
The global payment industry, currently valued at approximately $2.83 trillion in 2024, encounters notable inefficiencies. Recognizing this, Binance Research discusses the transformative potential of blockchain technology for this expansive sector.
- Advantages of Blockchain: Today's payment industry relies heavily on an analog and cumbersome infrastructure.
- Limited banking hours hinder efficiency.
- Numerous intermediaries complicate transactions.
Globally, each bank maintains its own ledger, slowing down and complicating international transactions due to inconsistent standards. However, blockchain presents a novel alternative.
Meeting Traditional Finance Challenges with Blockchain
- Addressing pain points of traditional finance
- Promoting faster, more secure transactions
- Eliminating the need for intermediaries
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.