According to the report, Bitcoin and digital currencies are better equipped to open up new markets and reach new consumers, due to the possibility of incorporating them with other technologies to bring about innovation, such as applications that support the Internet of Things (machine-to-machine payments).
Bitcoin and digital currencies could be impactful in emerging markets, where payments systems are not as developed.
The report went on to mention a number of specific blockchain and Bitcoin startups, while providing overviews digital currency and blockchain networks including Ripple, Bitcoin and Ethereum.
In remittances, the report found that the UK-based money transfer service TransferWise remains cheaper to use for cross-border payments today.
In other areas such as speed, scalability and resiliency, the report argued Bitcoin and digital currencies don’t necessarily have advantages.
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