Once labeled the Bill Gates and Steve Jobs of the Republic of South Africa (RSA) by financial expert Alec Hogg, Serge Christian Pierre Belamant is a founding patent holder of blockchain technologies.
Through his innovations as an applications and software developer, Serge Belamant’s inventions are instrumental in the financial sector. He is credited with the first implementation of blockchain technologies. The technologies invented by Serge Belamant offered the backbone in creating numerous cryptocurrencies. He achieved his innovative technology by using smart cards with a micro-controller which can create a distributed independent transaction ledger. The technology he invented allows banks, governments and private individuals to process faster a variety of activities from investments to deposits to withdrawals to payments within a secured environment.
Defining Blockchain Technology
Blockchain is best described as a list or ledger of records that are linked together with cryptography. Individual ledgers contain a cryptographic timestamp and transaction data. Original blockchain technology was invented to help the financial services sector to increase transparency, accuracy of data and security of institutions as well as customers. Serge Belamant was instrumental in developing blockchain applications through the use of smart cards. The smart cards contained microprocessors which functioned on or off-line.
Who is Serge Christian Pierre Belamant?
Serge Christian Pierre Belamant was born in Tulle, France in 1953. His father worked as a skilled tiler and at the age of 14 years, his family moved to South Africa. During his transition from France to South Africa, Serge had to learn how to read and write in English. After mastering another language, Serge was admitted to Highlands North High School for Boys in Johannesburg. Serge was a bright outgoing student throughout his time in high school he participated in many activities and excelled at rugby, other athletics as well as his school work. Serge was a respected student becoming the house captain for the science and bridge clubs at his high school in 1970. He continued to excel in class work while being awarded Victor Ludorum in 1971. One year later in 1972, Serge was named Head Prefect. As well as athletics and class work, he excelled in chess. Serge went on to represent the Southern Transvaal in chess multiple times and finished in sixth place during the South African Chess School Championships in 1972.
Later that year he graduated with an exemption pass for university. He went on to attend Witwatersrand University studying engineering at first. In his second year he chose to switch to computer science and applied mathematics. Serge transferred in his third year of studies to the University of South Africa (UNISA) where he studied information systems.
Unfortunately, he never did complete his university degree. After transferring, many of his credit hours from Witwatersrand University did not follow him to UNISA. Not wanting to repeat class work he had already passed, Serge made a conscious decision to enter the workforce at the age of 22 years old.
Technology Based Work Career
Serge Belamant was quickly employed as a young man. He was offered a job at Matrix, a large civil engineering company and began working within the company’s BKSH division. While working with finite element analysis software on IBM computers and later on Cyber computers, he created applications to analyze water levels in dams throughout the RSA. The applications he developed were based on finding the optimal water levels in dams to help predict or prevent future droughts.
From here Serge continued developing intricate computer models for projects at the Council for Scientific and Industrial Research (CSIR). His skills at did not go unnoticed as he was placed in charge of the computer section for the Pretoria, Witwatersrand and Vereeniging road planning project. His magical methods with computers led to breakthroughs in statistical methods, digital mapping, creating graphic interfaces that enhanced road network analysis.
While working at Control Data on a Cybernet application support team he was named analyst of the year in 1980. He continued working at Control Data but as the Head analyst for their ESKOM division (national grid systems) and won analyst of the year in 1982.
He developed the first scientifically driven financial system while working at DATABANK with Control Data equipment. He is credited with creating the VIB network which was eventually bought by Volkskas.
With his career moving on an upward trajectory, Serge Belamant became a consultant at Bancorp to deal with risk management and analysis. His work at Bancorp included creating a 10-step program that analyzed risk and tested the sustainability of a business. The accomplishments at Bancorp led to a full membership to the RSA Computer Society.
One of Serge Belamant’s biggest achievements happened when he was recruited to join SASWITCH and head the IT division. SASWITCH Limited was a company owned by the RSA banks. The company faced problems with real time switching and the processing time of transactions within the RSA banking system.
The switching system was operated on a Christian Rovsing computer system that did not have the capacity to switch over 100 transactions per second or transfer real time switching to a stand-by computer, if the system failed. When world-wide sanctions were placed on the RSA in the mid-1980s, Christian Rovsing no longer did business in the RSA. The pull-out of Christian Rovsing was a tremendous blow to SASWITCH and RSA banks. At this point their switching systems could no longer perform, be updated or maintained.
Serge Belamant was appointed to fix the problem of performance. His masterful mind invented a new National ATM switch for RSA banks which ran on fault tolerant hardware and parallel processing systems. Serge Belamant installed Stratus computers to help solve the problem. He was able to secure contracts with vendors in Europe to supply him with the hardware and computers that were needed.
The innovative techniques used by Serge Belamant while developing the new switch for SASWITCH were incredible. For instance, he pioneered with the idea of reversing the communications’ protocols used by each South Africa bank that was connected to the switch. The communications’ protocols varied from SNA to X.25 to ICL-CO3. Reversing these protocols allowed the banks to avoid writing new software programs.
The switch enabled the connection of all RSA banks. The breakthrough technology created by him led to SASWITCH becoming the second largest ATM switch in the world.
While still working at SWASWITCH, Serge developed the first RSA Point-of-Sales (POS) system that ran on a network of X.25 interconnected workstations. Although over time this system was not installed by the RSA banks. The RSA banks dragged their feet in determining the value proposition of the new POS system. Another obstacle was trying to figure out the revenue split between banking partners.
Subsequently, Serge left SASWITCH in 1989 and founded Net1 Technologies in October 1989. His new company was built upon one of his first achievements the Funds Transfer System (FTS).
Related: The Future of Cryptocurrencies after the G20 Tax Summit
The Creation of Blockchain Technology
As with many new startups selling proprietary technology, Net1 Technologies was slow in building its customer base. The first years Serge Belamant spent trying to get banks to use his Universal Electronic Payment System (UEPS) which was the end application from the use of the FTS with little success.
The breakthrough moment for Net1 Technologies came in 1995 when Visa hired Net1 Technologies or more importantly Serge Belamant, to invent a new application using his FTS/UEPS technology. Serge Belamant moved to the United States where he had access to everything he needed to complete the project. The end result was called the Chip Offline Pre-authorized Card (COPAC). While completing the COPAC project for Visa, Serge Belamant successfully integrated his two innovating technologies together. By merging FTS and UEPS, Serge Belamant created the COPAC which is still a primary secure feature for Visa against fraud, misuse of credit and verifying personal identification numbers.
When Serge Belamant returned to the RSA his company, Net1 Technologies was successfully listed on the Johannesburg Stock Exchange (JSE).
Another big break for Net1 Technologies came in 1999 when the company purchased Cash Payment Services (CPS) from the First National Bank of South Africa. CPS was a system that paid welfare grants within the RSA. The system was in need of modernization in paying out grants to more than 1 million South Africans, mainly in the rural areas of the country. Net1 Technologies was successful in implementing the UEPS which supplied security, speed and interoperability within CPS. With this masterful piece of work by Net1 Technologies, Serge Belamant was nicknamed the Henry Ford of IT by respected journalist Stafford Thomas.
Over the years Net1 Technologies continued to grow providing services in countries like Botswana, Burundi, Ghana, Iraq, Russia and Namibia. The reputation of Serge Belamant and his blockchain technology grew alongside the growth of Net1 Technologies. From 2003 to 2005, he concentrated on getting Net1 Technologies listed as a public company on the NASDAQ in New York. He achieved this in 2005 and Serge Belamant became the Chairman and CEO of Net1 Technologies.
Net1 Technologies would continue to grow and at its peak, the company had a market value of 2 Billion USD. Also after being listed on the NASDAQ, Serge Belamant continued to invent new blockchain technology. He was able to take his UEPS to invent the first electronic purse that could be used on or off-line using smart card technology.
In 2012, Net1 Technologies was awarded a RSA government contract from South Africa Social Security Administration (SASSA) to pay all social grants in the RSA. In order to accomplish this feat of paying near 10 million beneficiaries on a monthly basis, there needed to be new technology created. Once again Serge Belamant and Net1 Technologies were up for the challenge.
To accomplish the feat of paying 10 million beneficiaries, Net1 Technologies and Serge Belamant created several new innovative technologies. The technological breakthroughs include morphing, a variable PIN and the construction of a 1:N Biometric Comparison Engine.
Morphing was a unique invention. Morphing allows smart cards to function in UEPS when used with electronic money devices such as an ATM or POS system. By morphing the personality of the Europay, Mastercard, Visa (EMV) chip the smart cards and UEPS could operate around the world. The process provided the SASSA with specific items needed for security. The items included off-line processing, biometric card verification and access to variety of financial products. The technology enhanced card based financial items from loans to debit orders to credit to interest accumulation. While these transactions were taking place within a system which was secured by multiple audit trails or blockchain applications. The transactional database created the information that was then dispersed transparently to customers and merchants.
The Variable Pin allowed for a new twist on identity verification at older ATMs. In simple terms a customer would verify their voice with a phone call. Once the biometric of the voice was confirmed, the person received a Variable PIN in order to make a transaction at an older ATM. The Variable PIN could only be used one-time and one-time only.
The 1:N Biometric Comparison Engine was connected via PC to superfast bus. The engine then spread millions of fingerprint templates to locations. The engine could check 1 to 200 million requests for verification in less than 1 second. The engine saved the RSA billions by eliminating illegal customers in the form of duplicates or ghosts. Since the engine was run on numerous interconnected PCs it could automatically change the configuration of the information if one PC in the chain failed. Thus, the engine could run continuously without downtown due to repairs or maintenance.
The new technology implemented by Net1 Technologies allowed SASSA to operate without incident for seven consecutive years.
An Unfortunate Smear Campaign from Jealous Competitors
At the time of the contract awarded by SASSA to Net1 Technologies, several competitors cried foul. Net1 Technologies was not in a position to outright defend themselves against these attacks. The company was focused on delivering welfare payments in the best possible format for SASSA and their beneficiaries.
Subsequently several law suits were filed against Net1 Technologies. The jealous competitors were subsidiaries of Barclays and tried a smear campaign against Net1 Technologies and Serge Belamant. The law suits claims of fraud and corruption led to several investigations by the RSA, SASSA as well as financial institutions like the U.S. Security and Exchange Commission (SEC) and the Federal Bureau of Investigations (FBI).
The law suits also triggered several fund managers on Wall Street to flee Net1 Technologies. Short-sellers also spread rumors to enhance their profits as the company’s stock price began to fall. One short-seller in particular claimed an honorary Ph.D. given to Serge Belamant was used to enhance the company’s profile and his own.
In 2003 he received an honorary Ph.D. in IT from Burkes University which was located in the Turks and Cacao Islands. Many years later Burkes University was found to be defunct or non-existent by an individual short-seller of the financial markets. Serge Belamant quickly removed the honorary degree from his name. The unfortunate incident of receiving an honorary degree from Burkes University would come back to haunt Serge Belamant several years later. No one could question his brilliance of creating applications and software but during this time period, people and investors questioned his credibility. Even though he apologized, Net1 Technologies and Serge Belamant’s reputation were damaged.
Ultimately, Serge Belamant was forced to resign as Chairman and CEO of Net1 Technologies in May of 2017. The unfortunate incidents claimed by the law suits have now found to be untrue. Each and every law suit that was filed against Net1 Technologies found no wrong doing on either the company’s part or Serge Belamant.
With the record set straight, Serge Belamant is now considered to be one of the fathers of inventing blockchain technology and his reputation in the IT world is second-to-none.
Where is Serge Christian Pierre Belamant today?
After leaving the helm of Net1 Technologies, Serge founded Zilch Technology Limited. The company focuses on many of Serge Belamant’s inventions as a developer in the banking sector. He is active within the company inventing more blockchain technology that has furthered the cryptocurrency markets.
Serge Belamant holds his head above the crowd of application and software developers for his innovative brain that has taken blockchain technology to new heights. Without Serge Belamant and his earlier work on blockchain technology, the IT world as we know it would not be the same.
Technology Patents of Serge Belamant
Serge Belamant’s development of numerous applications and software programs has led him to file numerous patents. Patents are necessary for inventors to protect their innovations as well as to market their creations for financial reasons. Since 1998, he has filed for six patents with regards to his proprietary inventions. Here is a list of his patents and their status with United State Patent and Trademark Office (USPTO).
- Method and Apparatus for Controlling a Gaming Operation – Filed 1998 and Granted in 2001. The patent was applied for by Serge and follow inventor Gavin Shenker.
- Verification of a Transactor’s Identity – Filed 2007 and Granted in 2014. The patent was assigned to Net1 Technologies UEPS Technologies, Inc.
- Secure Financial Transactions – Filed 2007 and pending approval.
- Designation of Electronic Financial Transactions – Filed 2007 and pending approval.
- Financial Transactions with a Varying Pin – Filed 2013 and pending approval.
Learn More: The First Blockchain Debit Card
Why does it feel like tons of block chain figureheads are getting stuck in “smear campaigns” like the one mentioned in the article? Why do supposedly “professional” government organizations even take these obvious smear campaigns seriously? Maybe I’m just a little paranoid here, but is there perhaps something bigger at play? Nah, I’m just joking, but being investigated for a honorary degree makes it sound like he was set-up because Serge definitely didn’t falsify any of his career credentials and/or accomplishments; Those should speak for themselves and I don’t think a random honorary degree disproves or discredits them or Serge Belamant as an individual. Of course, he could’ve probably done some research and found out that Burkes University didn’t exist, but it definitely wasn’t the only thing that made companies like Net1 hire him. He has proven himself as a big player in the block chain industry and I just don’t feel like that honorary Ph.D. was even relevant to that. I guess it turned out OK in the end, but I just can’t help but feel like the whole situation could’ve been dismissed by the courts.
Going back to what I said earlier, this isn’t the first time the block chain industry and its veterans have been smeared. In 2018, a Polish bank funded a $27,300 campaign against cryptocurrency on YouTube. How about news agencies constantly linking cryptocurrency to the dark web? Lastly, journalists are now trying to link the block chain to the detestable Alt-Right just because Gab, a platform that welcomes the Alt-Right, is funding donations with cryptocurrency. All of these situations sound like smear campaigns to me and it kinda feels like an agenda is being pushed against crypto worldwide.
Great article, never knew about Serge Belamant before this but going to be paying a lot more attention to what he’s doing now as he’s made some big movements in Blockchain!
Why is this becoming a common thing for crypto and its experts to go through situations like now-a-days? It definitely isn’t going to slow block chain technology down, as it has only continued to grow. Is it possible competitors are trying to take each other out by smearing each other like this? I’m not really sure and I don’t have the answers, but I hope I helped others think a bit more about this topic.
I must confess that I wasn’t very familiar with Serge Belamant and his contributions to blockchain technology before I read this article. Belamant could be called the “Father of Blockchain Technology” because of the work that he has done. I think his contributions are even more important when you begin to see beyond cryptocurrencies to evaluate the potential benefits of blockchains.
Visionaries like Serge Belamant are critical to the adoption of blockchain applications in the financial sector. The acceptance of blockchain technology on a large scale is beneficial in many aspects. It can streamline financial processes and create more effective management of data. I think Belamant understands that digital currency is just the tip of the iceberg where blockchains are concerned.
I was surprised to find out that Serge Belamant bypassed the completion of college to join the workforce when he was 22. The blockchain industry seems dominated by MIT grads and kids like Vitalik Buterin that matriculated at a young age. Belamant brings real-life work experience to his comprehension of the blockchain.
People should understand that long before Satoshi Nakamoto’s white paper laid out the concept and framework of Bitcoin, Serge Belamant and others were truly laying the important groundwork for blockchain technology. Without Belamant’s work there would be no cryptocurrency as we know it today. On that basis alone he should be regarded as one of the most innovative minds of this century. It will be very interesting to follow the trajectory of his career as blockchain acceptance increases.