In the last few years, the concept of blockchain has been brought up a lot lately when it comes to talks about cryptocurrency and other digital transactions. While you may have only recently heard about the technology, the concept behind blockchain was created and patented years ago by Serge Belamant while working with a major credit card company. The computer scientist was not new to financial technology when he and his team from Net1 began working with what became known as blockchain. Prior to this creation, Serge Belamant was known for the creation of a welfare distribution system that was being used in South Africa, Russia, and other countries around the world. The system that he created was a big improvement on what these countries had been using in the past and there are still parts of the world that rely on it.
In essence, blockchain technology can be described as a digital ledger of transactions that is very difficult to alter without the right permissions. This is why it has been able to play such a large part when it comes to making digital transactions more secure. The technology behind blockchain that Serge Belamant is known for involving a smart card that included a blockchain-enabled chip. This technology could be used whether the card happened to be online or not and is still frequently seen on the smart cards of today. Financial transactions may be one of the big implementers of blockchain, but it has been found useful in a wide variety of industries throughout the world and is helping with the transparency efforts of many different companies and organizations.
While Serge Belamant is partially retired these days, he is still working with his son on a new project known as Zilch Technology Unlimited. This company is also is the financial technology sector like many of his positions in the past, but it is aimed at helping young adults become more financially knowledgable and secure. A lot of the marketing that takes place for his company is done through word of mouth. He and his son created a product that is useful and their users want to talk about it.