Blockchain technology is being used by some of the biggest names in e-commerce well beyond just for cryptocurrency. In fact, even though blockchain is probably best known for in its use in cryptocurrency, it got its start in financial transactions through the Chip Offline Pre-authorized Card from Net1 and Serge Belamant. Over the years, Serge Belamant has become known to many as the father of blockchain, a technology that is getting much more popular today in order to add security to many different types of transactions and processes. He teamed up with Visa back in 1995 when he and Net1 were approached by the company to help them implement the technology in a smart card that would help them become more transparent.
After being approached by Visa, he made the decision to move to the United States in order to be able to access all of the tools that he needed to complete the project successfully. While this was a big change from South Africa, he has managed to achieve a lot in the United States and some of his creations such as the Cash Payment Services are still being used by South Africa, Russia, and other countries. In 1999, Serge Belamant sold the Cash Payment Services creation to the First National Bank of South Africa. This system helps distribute welfare payments throughout the countries that use it. Stafford Thomas, a respected journalist, called Serge Belamant IT’s version of Henry Ford because of ju7st how secure, fast, and efficient the system was.
While Serge Belamant may have left Net1 back in 2017, he is still involved with the world of tech and financial institutions. He co-founded the company known as Zilch Technology Limited with his son who is also involved in the world of computer science, Philip. He is still actively involved with the company in order to create more ways for blockchain to be used in cryptocurrency along with other software in the banking industry. Through his hard work, the computer scientist and entrepreneur has been able to do great things with blockchain and only time will tell just what else it can be used for.