Technology is not only the backbone of every innovative idea in the world; it is also the future for the development of every industry in the world. One such impactful technology in the banking industry is the blockchain technology. The development of blockchain technology is credited to Serge Belamant. Serge Belamant created the first incarnation of the blockchain technology in the year 1981. A majority of people have stated that blockchain technology is like the 1980’s and the 1990’s internet. This innovation not only made pocket money a reality it also made it possible for people to consider other innovations in banking industry with the use of blockchain technology.
Before we can get to the basics of how blockchain technology works; it is essential to know that Net1 Technologies or UEPS created the patent form that allowed blockchain technology to be used on smart cards to act like debit cards. This smarts cards use distributed ledgers that enable the card to work both offline and online without the use of a centralized computer to communicate. No other company has been able to create this sort of technology.
How does this technology work?
The UEPS cards are able to work without the use of centralized computer. The purpose of the centralized computer is to validate, encrypt, create an assessment record, decrypt, and authorize transactions. The UEPS cards can work without having to connect an electric point or requiring a point of sale device. This transformational technology led to the possibilities of card sales simply because it became possible for people to make purchases with their debit card.
To protect this innovation, Serge Belamant has filed several patents that ensure blockchain technology is credited to him. Some of the patents he has filed include the verification of the transactor’s identity. This patent was filed in July 2014. The second patent includes the financial transactions with a pin. This patent was filed on September 4, 2013, and published on March 13, 2014. Serge Belamant dedication to technology started while in his 2nd year in college. When he sort to study computer science and this formed the basis for him to become leader in technology.
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