Exploring Blockchain News: How Binance Research Sees Transformation in the Payment Landscape
Blockchain News: Revolutionizing the Payment Industry
The global payment industry, currently valued at approximately $2.83 trillion in 2024, encounters notable inefficiencies. Recognizing this, Binance Research discussed the transformative potential of blockchain technology for this expansive sector.
Advantages of Blockchain in Payments
Today’s payment industry relies heavily on an analog and cumbersome infrastructure. Limited banking hours and numerous intermediaries further compound these inefficiencies.
- Every bank maintains its own ledger, slowing down international transactions.
- Inconsistent standards exacerbate complications in cross-border payments.
However, blockchain presents a novel alternative. This technology has the potential to solve the pain points of traditional finance, thus capturing a lion's share of the payment industry.
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.