Blockchain technology created the cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC), which grew to over $800 billion in value by 2017. Economists believe that cryptocurrencies held the key to the future global economy as Ethereum and Bitcoin become household brand names. Although blockchain technology is the underlying force behind crypto. Experts argue that technology can stand without cryptocurrencies. Serge Belamant is a significant figure in the development of blockchain technology. Generally, blockchain technology is a ledge record linked together and highly encrypted. Initially, the technology aimed at helping financial services improve their transparency, security, and customers’ efficiency. Blockchain technology helped to move money globally with much ease and speed.
Other applications that depend on blockchain technology include smart contracts and reducing labor-intensive business. All these success stories of blockchain technology would not be possible without the efforts of founding patent holder Mr. Serge Belamant. Belamant developed blockchain technology via smart cards application. Before the success of blockchain, several patents filed in the past two decades. Serge Belament became successful after designing various technologies that helped solve banking problems. Serge Belament started his journey when he established Net1 Technologies. He designed the Universal Electronic Payment System (UEPS) a bank application system that improves banks transaction activities.
In 1995 Visa hired Net1 to develop a new application that integrates Serge’s FTS/UEPS technology. Serge Belament took the assignment and produce COPEC (Chip Offline Pre-authorized Card), which became the primary security feature for Visa. The technology protects Visa against misuse, fraud, and helps to verify personal IDs. Additionally, in 1999, Serge firm implemented the UEPS within South Africa’s Cash Payment Service (CPS). UEPS supplied speed and security on the CPS system. The appointment of Serge Belamant saved SASWITCH, which was at the verge to collapse. Serge creative skills created a new National ATM switch designed with fault-tolerant hardware as well as parallel processing system. This ATM, together with Stratus computers made banking transaction more efficient. Interestingly, he secured contacts around Europe to supply the vendors with his hardware and computers. Serge Belamant left Net1 Technologies in 2017 and helped his son Philip establish Zilch Technology Limited that focus on banking inventions technology. Learn More.