Serge Belamant: Inventor Of The First Blockchain Debit Card

The blockchain is a word that has been gaining more and more notoriety these days, especially in the banking sector. In the world of finance and banking, blockchain technology refers to the channel in which Bitcoins are transferred. When a transaction is done via Bitcoin, it is logged in a public distributed ledger, known simply as a blockchain. One of the pioneers in making this technology easily accessible for the public is a man named Serge Belamant. He is the founder of Net1 UEPS Technologies Inc, which is the first company to produce debit cards based on the blockchain principle.

Tech watchers have been saying for a while now that blockchain will revolutionize the way people do banking. Now, with nearly 3 million users of blockchain based debit cards patented by Net1 Technology the company is poised to be at the leading edge of new technology. The next obvious question will be “how did this technology developed by Serge Belamant become so successful?” The answer is astonishingly simple. Blockchain debit cards do not always need online access to work, which is the opposite of an ordinary debit card, linked to a bank account.

In fact, you do not even need a connected source of electricity as well as a centralized point of sale (POS). This can be done with battery operated POS devices and the information of the transaction gets stored in the cards. The next time the customer uses the card online, all offline activity will get passed onto Net1’s computers. Net1 blockchain debit cards are monitored by the company’s mainframe computers for both online as well as any past offline transactions.

To his credit, Serge Belamant was one of the first people to recognize the potential for blockchain, especially when it comes to lower infrastructure costs. Apart from Net1 UEPS Technologies Serge Belamant founded Zilch Technology. However, he no longer serves as the CEO of Net1 UEPS, but serves on the board.

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