With the rise in popularity of cryptocurrencies such as bitcoin, people are becoming more aware of Blockchain technology and the possibilities it presents. But many people are not familiar with Serge Belamant, a founding patent holder of blockchain technology. Although he ultimately did not graduate from college, Serge Belamant began his career at a civil engineering firm where he created applications to analyze water levels in dams. He spent several years using technology to aid in civil engineering products before pivoting into the financial industry. Once in this new industry, he began to develop technology allowing banks and financial institutions to process all financial transactions from deposits to payments faster and more securely. This technology is what allows cryptocurrencies to create their general ledgers.
One of his crowning achievements occurred while working at SASWITCH. At the time, the company relied on Christian Rovsing’s computer system which failed massively when the two companies unexpectedly stopped doing business. SASWITCH was unable run their system let alone maintain or update the system. Serge Belamant created a new system that utilized parallel processing systems, he came up with the idea of reversing communication protocols which eliminated the need to write new programs, and he invented a new Point-of-Sales system.
As a result of all this success, Serge Belamant started his own business Net1 Technologies. Despite a slow start, the company has had some big name clients and created some impressive new applications. In 1995, Visa hired Net1 Technologies to create the Chip Offline Pre-authorized Card, technology Visa still employs to safeguard against fraud and misuse. First National Bank of South Africa hired him to modernize their Cash Payments System, which disbursed welfare grants to over 1 million people. Then, in 2012, South Africa Social Security Administration contracted with Net1 Technologies for a new system to distribute welfare grants, but this time to nearly ten million people, which required several new inventions, including morphing, a variable PIN, and the Biometric Comparison Engine. For seven years, this technology operated without a single negative incident.
Today, Serge Belamant leads Zilch Technology Limited which continues to make advancements, using blockchain technology, in the banking sector.
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