#BinanceTurns8 Promoting Financial Innovation: Blockchain can be used to improve payment settlement systems, achieve real-time settlement, increase 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, enhancing the inclusiveness of financial services, 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, increasing data transparency and trust, and facilitating data-driven economic activities, such as data-driven innovative business models.

• 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. Once issues arise, it can quickly locate the source. Smart contracts can automatically execute contract terms, such as triggering payments automatically when goods arrive at a designated location, 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.