Blockchain tech was developed for the transparency, data accuracy, and security of financial institutions and customers. It’s a set of digital ledgers containing transaction data. The ledgers are linked together, yet digitally encrypted. This is helpful in financial transactions, especially international ones, as well as executables such as smart contracts (self-executing contracts between buyer and seller built into the code). Serge Belamant holds several founding patents of Blockchain technologies. They are as follows:
- Method and Apparatus for Controlling a Gaming Operation. A secure process and memory apparatus connected to a video display. This “smart card” stores software for a game and player data. It allows for secure betting and winnings allocation, even on non-secure networks.
- Verification of a Transactor’s Identity. A verification system that assigns all buyers and sellers an individual identity.
- Designation of Electronic Financial Transactions. DEFT identifies a prospective transactor according to circumstances such as location and financial conditions.
- Secure Financial Transactions. Conventional credit or debit accounts are simulated/encrypted to create secure Primary Account Numbers (PAN), which can be used for mobile banking.
- Financial Transactions with a Varying Pin. Voice verification of a customer creates a one-time-use-only PIN at a legacy system ATM.
Serge Belamant was born in France, raised in South Africa, and left school in 1975. He started as a civil engineer, developing computer models for engineering projects. This led to work creating data systems for financial institutions. Serge Belamant founded his own startup, Net1 Technologies, in 1989. There he developed the Funds Transfer System (FTS), and in 1995, merged this with his Universal Electronic Payment System (UEPS) to create the Chip Offline Pre-Authorized Card (COPAC) for Visa, a system which is still in use.
After going public on NASDAQ, Serge Belamant and Net1 was hired by the South African Social Security Administration to develop a system for paying social grants. This was accomplished with morphing (allowing smart cards to function in UEPS using an ATM or POS system), variable PIN technology, and biometric card verification technology. Blockchain applications created a transactional database for customers and merchants to use.
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