Blockchain technologies introduced efficiency and security to banks, governments, and consumers for processing financial transactions. Serge Belamant is the brilliant inventor of smart cards, a technology that contains micro-processors with capabilities of functioning on-line or off-line. For 28 years, he devoted much of his time running Net1 Technologies and inventing applications that integrates with his business inventions. He pursued funding and raised millions of dollars while the company listed on the Johannesburg Stock Exchange and NASDAQ. While listed on Johannesburg Stock Exchange he raised $4 million which wasn’t enough to fulfill an agreement with South Africa’s provincial government. According to Forbes, in February 2007 the government awarded Serge Belamant the contract for welfare payments distribution.
So, he sold mini-systems for transferring money and paying wages, and processing smart cards for over one million welfare recipients. The move helped him boost the market cap for Net1 to $140 million. In the beginning, 77 percent of the company’s revenue came from the South African government. Serge invented blockchain technologies in South Africa and the United States. Those inventions include the RSA Point of Sale, ATM network, and the Chip Offline Pre-authorized Card. He headed development, design, operation, and implementation of Saswitch ATMs. After purchasing Cash Payment Services from South Africa First Nation Bank and going public, Net1’s market value increased to $2 billion in 2012. The RSA government awarded the company another contract to pay social grants to social security recipients in South Africa.
He developed morphing and a Bio-metric Comparison Engine to process the social security payments. Morphing is an enhancement of smart cards which features functionality in UEPS when used with devices, such as ATMs and point-of-sale systems. Before Serge Belamant started his working career, he studied engineering, mathematics, and computer technology at Witwatersrand University and the University of South Africa. Born in Tulle, France, he and his family moved to South Africa when he was a teenager and he continues to live there now. Belamant co-found Zilch Technology Limited this year and regained his business position to serve as CEO and Chairman for Net1 after he turned in his resignation in 2017, according to BlockPitch.