The blockchain technology dates back to the 1980s when it started as just a backbone of a type of internet. It didn’t spark a lot of attention until it started getting a lot of applications and powering the ever-growing cryptocurrencies. Serge Belamant took an early opportunity to start Net1 Technologies, a company that developed the first blockchain debit card.
The blockchain debit card UEPS created has found a lot of popularity with over 3 million users. The blockchain invention was the first of its kind in the world as it reduced banking costs. Serge Belamant went ahead to patent the invention. He is also the founder of Zilch Technology Limited. Serge Belamant attended University of the Witwatersrand for his computer science and applied mathematics degree. In 1982, he received System Analyst Award of the Year.
Blockchain revolutionizes banking
Net1 Technologies embraced blockchain technology many years ago and it has been interested in its certain applications. Being a tech financial company, it helps the company to earn free cash flows. If the stocks remain undervalued, Net1 Technologies projects to use the cash flow to buyback all public shares by 2023. The stock has been extremely undervalued.
The blockchain smart card technology
Net1 Technologies sought a patent through its founder, Serge Belamant, for a form of blockchain technology that was embedded in the smart card that is used as a debit card and more. The debit card is compatible with EMV and you can use it wherever EMV smart cards are accepted. Net1 Technologies was the first company to develop a smart card that uses distributed ledgers that can work without a connection to a centralized computer.
How it works
UEPS smart cards are designed to function online and even offline. It is not a must for a connection to a centralized computer to be established. Transactions made on a debit card offline are stored in the card. The smart card will later update centralized system with all the transactions made offline when it transacts with a POS device or centralized ATM. Later, all the transactions will be confirmed by Net1 Technologies and stored in a central database of transactions in a mainframe computer.
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