The world of blockchain is most associated with cryptocurrencies like bitcoin, but there are many other technologies associated with the blockchain that are equally, if not more revolutionary. Serge Belamant, and his associates at the tech company Net1 have devised a way to utilize the awesome power of the blockchain to create debit/credit card technology that has the potential to forever upend the transaction, banking, and financial industries.
Serge Belamant was among the progenitors of this movement and helped invent the blockchain in 1989. Now, he has teamed up with a group of bright young professionals at Net1 to offer the world’s first blockchain derived credit and debit processing system for the masses. This system has led Net1 to be incredibly undervalued relative to the free cash flows being generated by the company currently. In fact, it is a possibility that Net1 will be able to use that same free cash flow to buy back every single remaining share on the market prior to the end of the 2023 financial year.
What makes this blockchain debit system different than standard payment processing models is the fact that it uses distributed ledgers to process all transactions rather than a centralized computer system. This is important because it allows for instantaneous mobile transactions without being connected to the internet and without a standard power source- simply put, this tech can be used anywhere, anytime, with the same efficiency as standard payment processors.
Another major benefit of this Serge Belamant invented technology is the massive cost reductions it will offer consumers. Currently, banks and financial institutions act as rent seekers on all transactions. With the development of blockchain debit, these middlemen will be cut out, leaving only the merchant, customer and the ledger.
Serge Belamant has had a phenomenal career over the past 30 years and he shows no signs of stopping now. With the new blockchain debit card from him and Net1 it is very likely that we will not be seeing the last of Mr. Belamant and his company. These are the things that change societies, and a blockchain debit card will certainly change things.
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