#BinanceTurns8 Promoting Financial Innovation: Blockchain can be used to improve payment settlement systems, achieve real-time settlement, enhance efficiency, and reduce risks and costs, especially with significant advantages in cross-border payments. At the same time, blockchain can provide technical support for digital currencies and expand the boundaries of financial services, increasing the inclusiveness of financial services and allowing more people to participate in financial activities.

• Ensuring Data Security and Sharing: Its distributed storage and encryption technology can prevent data leakage and tampering, ensuring the security of data during transmission and storage. At the same time, blockchain can break down data silos, enabling data sharing among different entities, improving data transparency and trustworthiness, and facilitating data-driven economic activities, such as innovative business models driven by data.

• Enhancing Supply Chain Efficiency: Blockchain can record information at each stage of the supply chain, achieving full traceability of products from raw material procurement to sales. If issues arise, the source can be quickly located. Smart contracts can automatically execute contract terms, such as triggering payments automatically upon the arrival of goods at designated locations, reducing manual intervention and disputes, and improving transaction efficiency. Additionally, real-time sharing of inventory information helps companies accurately arrange production and inventory allocation, reducing costs.