The banking system is going to be revolutionized through Blockchain technology. Many people have been saying that the blockchain technology is just like ‘internet’ was back in the 80’s and 90’s. The tip of the spear in some blockchain apps is Net1 Technologies. Its applications allow blockchain to make a significant amount of free cash flows.The Net1 Technologies developed a patent for this new technology. This patented form was created on a smart card that can be used as a debit card. This card is compatible with EMV and can be swiped where EMV cards are acceptable.These cards are called the UEPS smart cards. These cards can work without any computer help and make transactions happen.
One other best thing about these cards is that they don’t require any electric source.The company initially provided this system to several banks, but it didn’t work out that well. However, VISA signed an agreement with the company in 1995. VISA wanted Serge Belamant to create a new application. This was called Chip Offline Pre-authorised Card. This card was going to use the same UEPS technology.Serge Belamant went to the United States of America for this project. The company, Net1 Technologies acquired Cash Payment Services from FNB. This allowed the ability to pay a welfare funds to more than 1 million people in South Africa.
By using the UEPS, the company was able to allow interoperability, safety, and speed as well. Stafford Thomas, a famous journalist applauded Serge Belamant’s efforts.The company grew more and more outside of Africa. They were able to sign contracts with Burundi, Namibia, Russia, and Botswana. Later, they even signed deals with Iraq and Ghana as well.Serge Belamant founded the company Net1 Technologies. He was born in France in the year 1953. Mr. Belamant completed the SASWITCH system in 1989. He joined a civil engineering company named Matrix at the start of his professional career. He was assigned as the head of the computer section at the CSIR’s project. He then went to the US to get training in linear programming. He was able to operate the COBRA System.