Publicis Sapient technologists Suresh Kandula and Gaurav Verma have been working on conceptual solutions related to cryptocurrencies that would be applicable for Financial Services for years, including secured lending, secured loans, decentralized secure chat, etc. They are developing a proof of concept (POC) that would enable the use of digital dollars by fiscal policy stewards (intermediaries, banks, and other governmental organizations) involved in a nation’s policy, including government agencies like the U.S. Treasury and industry consortiums like the Depository Trust & Clearing Corporation (DTCC).
“The Federal Reserve and other central banks haven’t put any real effort towards digital currency. But the current pandemic has pushed us in the direction of a G2C payment ecosystem,” Verma said. “We can clearly see the evidence in early drafts for COVID-19 stimulus packages. ‘Digital dollar’ and “digital dollar wallet’ were mentioned multiple times.”
Unlocking blockchain and other distributed ledger technologies is the key to mobilizing nationwide digital currencies. Transactions would be easy, safe and efficient.
“This is really about making transactions effective, even more than we’ve been seeing in Asia, Europe and other places. That’s based on foundational platforms such as distributed ledger, centralized ledger, blockchain and cryptocurrency,” Kandula said.