Banks Need ‘Secure and Anonymous’ Payments to Prevent Internet Giants from Snooping, Says French Report

Philippe Lemoine reveals his report on 'The Digital Transformation of the French Economy' where he suggests as much as 180 proposals in order to shake up France's technology sector, among which figures the need of developing a secure, cost-effective and anonymous payment solution based on the blockchain technology.

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Banks Need ‘Secure and Anonymous’ Payments to Prevent Internet Giants from Snooping, Says French Report

Philippe Lemoine reveals his report on 'The Digital Transformation of the French Economy' where he suggests as much as 180 proposals in order to shake up France's technology sector, among which figures the need of developing a secure, cost-effective and anonymous payment solution based on the blockchain technology.

Earlier this month, Philippe Lemoine, CEO of French online business LaSer and serial entrepreneur, revealed his report entitled 'The Digital Transformation of the French Economy,' which he was assigned by the government back in January.

It took Lemoine 9 months to research and verify over 500 actors in the technology industry, in order to finally present his 300+ page document, where he identifies 180 project proposals that are believed to help accelerate France's economy digitalization.

Divided into 3 parts, the report presents firstly the 9 "emblematic" projects that should be undertaken immediately, then the 53 cross-functional measures aiming to boost France's digital transformation, and finally the 118 long-term recommendations.

Among his 9 "emblematic" projects, Lemoine believes that French banks could highly benefit from the blockchain technology. He stated:

"Instead of engaging in a confrontation, French banks should benefit, for branding purposes and competitive efficiency, [...] from offering to their clients an alternative: secure and anonymous payment."

His proposal consists of "developing a secure and cost-effective anonymous payment solution based on the blockchain technology, which banks could offer to their clients as an alternative to payment solutions currently made available by Internet giants that are acting as intermediaries."

Philippe Lemoine

Naming Google, Apple and Amazon, Lemoine says multinationals are currently fighting to become the next PayPal. There are critical opportunities here, he says, which are Big Data and the exploitation of personal information to identify and track online individuals from A to Z or what he calls the "Big Brother Data."

As he mentions TOR, Whisper and Secret as examples, Lemoine underlined the increasing demand from users of greater online anonymity. It is within this context that Bitcoin, and its "confidence protocol" the blockchain technology, emerged as a sophisticated technology allowing anonymity to reach the transactional sphere.

Lemoine suggests that the project should be triggered by the Ministry of Economy and Finance, and undertaken by French participants from both the banking and the technology industries.

Philippe Lemoine's 180 proposals were addressed to the government, as well as the French Digital Council. The report should influence the French Digital Council in the constitution of the report prior to the drafting of the 'big digital bill' promised by the Secretary of State for Digital Affairs, Axelle Lemaire.


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