Earlier this week, the management consulting firm McKinsey & Company sent out a newsletter highlighting their current editorial pick. The piece was on blockchain, fittlingly named “Blockchain beyond the hype”.
The message was that while blockchain and cryptocurrencies are still immature it is now the right time for companies to investigate whether they could actually make profitable use of it in the future.
Blockchain will not find a good use case in every industry but where it will, it is best to start getting into it now among the first business adopters.
McKinsey just shared: Editor's Choice - #Blockchain beyond the hype: What is the strategic business value? - "Companies can determine if they should invest in blockchain by focusing on specific use cases and their market position."— #BusinessOfCrypto (@BOC__Official) 11 July 2018
Read: https://t.co/ls0oZM0Ur8 via @McKinsey pic.twitter.com/G6yCyqU7vB
In other news this week we have a first example of a company doing just that: AmWager.com, the premier website for watching and betting on live horse racing, is now accepting Bitcoin and Bitcoin Cash deposits.
This was not an easily implemented step for AmWager.com. “We have worked diligently with the Oregon Racing Commission and BitPay to bring cryptocurrencies to the ADW industry,” the CEO Nelson Clemmens explains.
As reported, the attractive value of cryptocurrencies used for payments was the mitigation of chargeback risks. Even considering occasional network congestion, cryptocurrency transactions can still be processed faster than traditional ones. This shortens the time necessary before the funds become available in the customers account.
Both Bitcoin and Bitcoin Cash deposits to AmWager are processed by BitPay. The CEO added, “Bitcoin and other cryptocurrencies have evolved from an esoteric concept to a widely recognized digital currency that is quickly making its way into the mainstream.”
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