Banking is undergoing an upheaval thanks to Blockchain technology. In fact, a company called Net 1 UEPS Technologies, Inc., Developed debit card utilizing this technology. The man who created the first iteration of Blockchain is Serge Belamant. FIX
Who Is Serge Belamant?
Serge Belamant was born in Tulle, France in 1953. At the age of 14 his family relocated to South Africa. He enrolled in Highlands North High School for boys. He went on to attend Witwatersrand University where he would study engineering, computer science, and applied mathematics.
Serge Belamant’s Career Path
Became a member of Matrix engineering firm. While there he created applications in relation to optimizing dams and their functions such as levels in RSA and drought prediction.
He was placed at the head of Pretoria, Witwatersrand, and Vereeniging at the Center for Scientific and Industrial Research. His focus was creating in-depth methods of gaining statistical data for a road planning project.
He was sought after by SASWITCH for their IT department. He developed what would become the 2 largest global ATM switch. In 1989, he went on to develop new workstations with his proprietary technology. He created the first RSA POS system and other groundbreaking ideas, but the revenue was divided between the partners.
Later that year He created his own company that would be built off of his six patents including his Funds Transfer System. He would call his new company Net1.
He experienced gains within the first couple of years as his UEPS systems via banks and other financial entities. Financial giant Visa entered into a contract with Net1 in 1995. Net1 developed technology for Visa called the Chip Offline Pre-Authorized Card.
How The Blockchain Debit Card Works
What Net1 has created with the UEPS technology is going to change the world. Currently, over three million people use the Blockchain debit card. It’s growing due to the fact it has the lowest global banking cost.
The patented technology with the smart card functions as a debit card. It works in conjunction with Europay MasterCard Visa. Just use it as a debit card wherever EMV is welcome. In a nutshell, Blockchain debit cards work like a bank account. The added bonus is there is no bank account related cost.
There is no need for a centralized computer for validation. The Blockchain debit card doesn’t require an electrical connection or a centralized POS. All information will be updated when the cardholder interacts with a centralized ATM or POS. All data is verified by Net1.
The financial future looks brighter for those who choose to attain a Blockchain debit card.
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