Blockchain Technology Poised to Revolutionize Global Payment System, Says Binance

IconCryptoNewsTerminal Staff30 Aug, 2024

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Blockchain Technology Poised to Revolutionize Global Payment System, Says Binance

The global payment system stands on the precipice of a transformative revolution, powered by the burgeoning blockchain technology, according to a report published by Binance, as reported by Watcher Guru. The report highlights the glaring inefficiencies plaguing the legacy financial system, despite the payments industry being one of the largest and most rapidly expanding sectors. The banking infrastructure, the backbone of the current system, has remained largely unchanged for half a century. Enter blockchain technology, poised to establish a new global framework for payments. One of its key strengths lies in its cost-effectiveness, offering significantly reduced fees compared to traditional methods, the report notes.

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