First Blockchain Debit Card By Serge Belamant
Serge Belamant, the inventor of Blockchain technology in 1989, at an early age gained knowledge in applied mathematics and computer science. While at the University of Witwatersrand, he learned the basic knowledge of computer programming, encryption, and decryption know-how. He also learned information system operations through UNISA while at the University. Having sufficient expertize in the field, he worked at IBM using small to medium sized computers in software analysis. The analysis program proved useful in drought predictions through checking the optimum levels of RSA dam.
Serge Belamant growth in the field pushed him to develop other products through digital mapping, statistical methods, and in the financial sectors. In the early 1980’s to 1990’s, he started working towards an economic program using his software skills. Serge Belamant started with the simplicity of developing gaming card which could store information through its input and output processes. Patented on November 16, 2007, the card was widely used in betting games and had the durability to heat and dust without losing information like most developed storages at the time.
An upgraded card later got developed which used the primary account number (PAN) to safeguard the information. Patented on November 15, 2007, it used an advanced encryption and decryption technology, which enabled the bank to map the digital string validating the account holder.
Approached by UEPS, Serge Belamant advanced the card to get used in the financial institution between the transactor and the transactee. Patented on July 1, 2014, through the Net 1 UEPS Technologies, Inc., the technology could not only be used on systems like the point of sale stations and ATM’s but also through the internet. With additional security features like biometric scanners and PIN system, the Blockchain technology was starting to take shape.
As the technology gained popularity, the company U.E.P.S financial institution realized the technology got undervalued even though they received some free cash flows. Creation of the same form of technology was then put in place and patented to get used in smart cards, Europay MasterCard Visa (EMV). The difference was that the cards acted as distributed ledgers which could store the information, all transactions, to later be uploaded to their systems whether offline or online. The encryption levels of the technology have also been advanced to safeguard the audit records better, only to be decrypted by the authorized banks in their centralized computers.
The Blockchain technology created by Serge Belamant is currently used globally due to its ability to keep a clear record in its use in devices like ATM’s, phones and POS devices which then get uploaded to a mainframe computer at Net1.
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