The blockchain technology
The blockchain technology was developed by Serge Belamant and his own company, Net 1 technologies. Like any new invention or technology, getting people to use and accept the blockchain technology was not easy. Net 1 and Serge Belamant spent the first few slowly building a customer base. Serge Belamant was instrumental in developing the blockchain technology for smart cards. His first intended clients were banks and other institutions that offered financial services. Therefore, Belamant spent his first years of the firm trying to get banks to implement the universal electronic payment system. The silver lining FIR the company was in 1995 when visa hired Net 1, especially Serge Belamant technologies to invent a new application, through FTP/UEPS technology. After the deal with Visa went through, he moved his operations to the United States. There, Serge had all the effort and support he needed to complete his creative inventions. The product of the union between Visa and Net 1 was the COPAC, Chip Online Pre-Authorized Card. The COPAC technology is still being used by Visa to secure their cards against fraud, verifying personal identification numbers and misuse of credit. When Serge finally returned to South Africa, Net 1 was listed in the Johannesburg Stock Exchange.
The History of The Blockchain Technology
The blockchain technology is a cryptography enabled ledger of financial records. It is used, mostly by financial institutions, to prevent fraud, promote transparency, promote data accuracy and the security of the information for both the institutions and their clients. These ledgers are developed to cryptographically include the details about the transactions and the timestamp for when the transaction occurred. Belamant was very instrumental in developing the technology for smart cards. Serge designed cards in such a way it included a microprocessor that functioned offline and online.
The technology parents of Belamant
Serge had been active and very instrumental in the development of a number of technologies that have led him to file for a number of his invention patents. Patents are used by inventors to prevent and protect their inventions as well as promote them for financial gain. Under the development of the blockchain technology,he had filed for about six patents that have been granted to him. They include verification of a transactors identity and secure financial transactions that are still pending.