Cryptocurrency trading first appeared in 2009, and it was believed that a certain Satoshi Nakamoto developed the system. In 2017, the value of cryptocurrencies soared to more than $800 billion, and it changed financial sector forever. Cryptocurrencies can be traded effectively without any traces of fraud – thanks to blockchain technology, but who really made this technology possible?
Serge Belamant is an entrepreneur who was born in France. He is credited to be the first man to develop blockchain technology. Despite the importance of his contribution to the field of technology, he does not receive the same recognition given to the creators of Facebook and Amazon. Blockchain technology is an encrypted ledger of records that includes a time stamp and the transaction data. The technology was developed decades ago to increase the transparency in the financial sector, and to protect the customers and institutions. The reason why Serge Belamant created the blockchain technology is because he found the systems used by other institutions to be aging, and he knew that the future would need a more reliable system that would protect the global financial data.
Serge Belamant holds the first patent for blockchain technology. Throughout his life as a programmer, he dedicated his time and effort in perfecting the technology. He initially worked with smart cards, and it contains microprocessors that function whether the user is online or offline. Many banks and other financial institutions invested in this technology and it helped secure the global financial industry.
Aside from the patent that was filed by Serge Belamant, there are other blockchain technologies that have been patented leading to the development of the more advanced blockchain technology that we know today.
Serge Belamant stated that creating the blockchain technology is not an easy feat, and he had to experiment if the system is working while still under development. Thanks to the funding he received from financial institutions, he was still able to continue despite the huge amount of time frame needed to perfect the technology. In the end, his experiments became a success and he was able to file a patent for the blockchain technology.
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