Serge Belamant is a pioneer of the first blockchain smart card. He founded Net1 Technologies a few decades back and the financial tech company developed the smart card that is now being used by over 3 million people around the world. UEPS has used blockchain technology to lower banking costs in the world. The Net1 Technologies management estimates to achieve $2.5 EPS by 2020.
The power of blockchain technology
The blockchain technology was at first thought out as a backbone of a network of the internet kind. Serge Belamant and Net1 Technologies leveraged on the technology to earn significant cash flows. At this pace, it will buyback all existing public shares before the year 2023, provided the stocks stays undervalued.
The technology behind the first blockchain debit card
Serge Belamant patented the blockchain technology that was used to develop the smart card that is used as a debit card among other uses. The card works with Europay MasterCard Visa and it is accepted wherever the EMV is accepted. The blockchain debit card is designed using distributed ledgers that can work both offline and online. When it works offline, it works without a connection between it and a centralized computer.
How it works
UEPS smart cards are designed in a way that they can validate, encrypt, create an audit record, decrypt as well as authorize transactions without the help of a centralized computer. The card does not need an electric source. The Point of Sale Device (POS) is the only device that will need a battery. The UEPS smart cards works as a full-fledged bank account reducing banking infrastructure costs significantly.
The smart cards record transactions offline without any communication or connection to a POS device or a centralized computer. Afterward, the smart card will update a centralized system with the transactions made offline when the card has been used to transact with a POS or a centralized computer. The financial tech company will then come and confirm all the transactions as well as store them on a centralized database. Without getting much into tech details, that is the ‘magic’ Serge Belamant has introduced to the banking world.
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