Born in France in 1953, the son of a tiler who relocated his family to South Africa when he was 14, Serge Belamant would further go on to be dubbed as the Bill Gates and Steve Jobs of the Republic of South Africa for being the brains behind the Blockchain technology. This technology proved to be highly beneficial towards the financial sector, following a need to switch over transactions more than the maximum capacity of the technologies at RSA banks. However, this was just the beginning of his many innovations which would ultimately lead to the formation of Blockchain technologies. The basic purpose behind the technology was to increase effectiveness and transparency when it came to connecting financial services with their customers and associated institutions.
What exactly is Blockchain? Well, to put it in simple terms it is essentially a list of records linked to one another with cryptography. Each list consists of encrypted transaction information. Belamant major contribution towards the technology was introducing the use of smart cards that contained microprocessors capable of functioning both online and offline. This technology offers the capability of creating numerous cryptocurrencies. Basically, the microprocessors contained within the smart cards can create a distributed and independent transaction ledger. All of this allows customers to process a variety of activities such as deposits, withdrawals, investments and payments within a trusted environment without compromising on security.
Following his business departure from SASWITCH in 1989, Serge Belamant founded Net1 technologies. Earlier on into the establishment of Net1 technologies, things were not looking bright that was until Visa hired them to create a new application using Serge Belamant ‘s Funds Transfer System and Universal Electronic Payment System technology. The fusion of these two technologies resulted in the creation of Chip Offline Pre-Authorized Card (COPAC). COPAC is currently still in use by Visa to prevent fraud. Net1 technologies gained further recognition when in 1999 they purchased Cash Payment Services from the First National Bank of South Africa. After a number of up’s and down’s, according to Serge Belamant left Net1 technologies and founded another company – Zilch Technology Limited, which aims to incorporate Serge’s technology into more innovations in the banking and finance sector.