Custodians, clearing houses and messaging networks all face possible revenue reductions from the advance of bitcoin’s underlying technology, but there are still some major challenges ahead before blockchain can take off in capital markets, a report from McKinsey concludes.

Bitcoin's underlying technology has the potential "to disrupt business models" across financial markets, but some players are more likely to be impacted than others, says the report titled "Beyond the Hype: Blockchains in Capital Markets" published December 15.