Home Investment, Technology • How Will Blockchain Developed by Serge Belamant Revolutionize Banking?

How Will Blockchain Developed by Serge Belamant Revolutionize Banking?

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Serge Belamant is a Citizen of France by birth. At the age 14, he moved to South Africa where he joined Highlands North High School and learned how to speak in English. He was good at chess and rugby while at school. After his high school education, he joined Witwatersrand University where took engineering. He later changed his course to applied mathematics and computer science. Two years later he discontinued his education and pursued information systems.

After his university education, Serge Belamant was employed at an engineering firm known as Matrix. At the company, he worked on medium and small-sized computers. He developed applications using cyber computers. He also worked at Control Data where he was involved in debugging code and helping in operating some specific packages. He later moved to DATABANK where he took part in the development of a financial system with the help of a Control Data equipment.

Mr. Belamant moved to SASWITCH where he was responsible for heading the IT division. In this position, he helped the company develop the National ATM switch which proved very successful. The banks refused to implement the system because they wanted to understand the value proposition associated that they would achieve after applying it. This made Serge Belamant leave SASWITCH and established his own company known as Net1.

Through the effort of Serge Belamant, Net1 technologies managed to develop a blockchain technology that works like a debit card. Blockchain technology was developed to use distributed ledgers and it was designed to work both online and offline through the help of a centralized computer. The smart card can work without the centralized computer to validate and authorize transactions. It can also work without an electricity source and a centralized device. Therefore the smart card acts as a bank account that has no bank infrastructure costs.

All the offline transactions of a smart card are saved in an offline POS device. When the smartcard transacts with a POS or ATM, the centralized system will automatically be updated and it will confirm all the transactions that were conducted offline.

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Author:kingsforamerican