You might have heard about blockchain technology more commonly these days, mainly because of its association with cryptocurrency trading. But did you know that this technology has existed decades before? We can thank Serge Belamant for his contribution to the development of the system. He is considered as the first patent holder for the blockchain technology, and he influenced a lot of people to develop the system and transform it into the advanced version we know today. The first blockchain technology that was developed is being used in smart cards that have microprocessors functioning even if the system is offline. Over the next two decades after the first blockchain technology patent was filed, more innovation was introduced making it more efficient and effective in deterring any fraudulent transactions.
Who is Serge Belamant?
Serge Belamant is a software developer that was born in France. At a young age, he and his family moved to South Africa, where he spent most of his childhood. When he was in college, he chose to study at the Witwatersrand University, then later on transferred to the University of South Africa, but ended up as a college dropout. This did not stop him from being a creative individual, and he chose to become an entrepreneur since he never finished his degree.
The Development of Blockchain Technology
Even though he does not have a degree, Serge Belamant can still be considered as a gem when it comes to software development. He is very good when it comes to computers, and companies are hiring him because of his skills. He developed the Universal Electronic Payment System as his first blockchain project, and it became a success, especially for banks that are looking for a more secure way of handling their transactions.
The Moment of Breakthrough
In 1995, after Serge Belamant developed the UEPS, VISA approached him and he was offered with a job to create a program out of UEPS. His firm called the Net1 Technologies was assigned to work on the project, and he had to transfer to the United States to finish his task of developing this new program. The result of the project was a highly-secured system called the COPAC, which stands for Chip Offline Pre-authorized Card. Since then, he created more inventions that would ultimately lead to modern blockchain technology.