The research arm of cryptocurrency exchange Binance, Binance Research, has released a report indicating that blockchain and distributed ledger technology (DLT) and the applications built on them are expected to significantly increase the efficiency of the payment industry and pose challenges to the payment sector. The report states that traditional payment systems are forecasted to generate revenues of $2.83 trillion in 2024, rising to $4.7 trillion by 2029, with a compound annual growth rate of approximately 10.8%. Although adoption of technologies like blockchain may progress slowly, the study suggests this provides growth opportunities for the blockchain industry, addressing issues of scalability and regulatory uncertainty.