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Hector Daniel Elbaum (HDE)

Hector Daniel Elbaum (13th January 1956) is an entrepreneur and engineer. HDE is known for his prowess in developing innovative solutions to complex problems and is best known as the creator and first person to commercialise mobile EFTPOS technology. He was the founder, CEO and Chairman of Dynamic Data Systems Ltd (1993-2000) (DDS), and is now the Chairman and Co-CEO at VeroGuard Systems (VGS).

Early Life

Born in Argentina, HDE moved to Israel with his parents and attended Shaar HaNegev High School (dropout year 10) he continued into tertiary education, studying mechanical engineering at The Technological College of Beer Shana Israel (dropout second year).

Sports Technologies HDE’s early success with patents combined his experience as an athlete with his engineering skills. His most successful patents from that time included revolutionary inventions. Initially creating a first of its kind Table-Tennis Ball Machine (1987) to assist his game and coaching, he accordingly could see a larger scale application for his technology by creating a tennis robot training machine. Bringing many of the concepts from his earlier Table Tennis application and after migrating to Australia with his young family, HDE designed the SAM (Sports Action Machine) Tennis Ball Machine (1989 -1990). This ground-breaking design reshaped the tennis training market raising the bar for sports technology globally including the software to capture and interpret ball movement, trajectory and how to faithfully reproduce that in a machine. Learnings from SAM led him to subsequently create a unique racquet string design that increased torque on the ball.

Mobile EFTPOS

In the early 90’s HDE was fascinated with the opportunities that the cellular networks might present for data transfer. He also recognised the shortcomings at that time for securing communications over these networks which was clearly a barrier for better adoption of cellular as a business tool. He began to shift his resources and focus to solving how payment, identity and communications could be properly secured on this channel. This work paid off and HDE pioneered the protocols behind the first wireless Electronic Funds Transfer at Point of Sale (EFTPOS) technology. These protocols brought security to cellular networks, allowing the banking industry to utilise the mobile technology as a channel for transactions. His patent on this technology was granted globally and still stands today.

Current Work

HDE has been granted 18 Patents for his inventions over the years and his latest and most significant invention for non-repudiable identity over the internet, complies with the financial services industries certifications for card present payments (PCI-PTS). This means that it provides the same level of protection banks use for their interbank transactions. By ensuring that every communication is verified with two or more parties utilising Hardware Security Module (HSM) to another HSM for all authentication and encryption, a new level of security is being made available to the internet and addresses the single biggest problem associated with cyber-crime by removing the risk of credential compromise and prevents the theft of any readable data at rest in the cloud.

The system has already been installed, certified and has completed more than 80 million transactions. HDE’s unique innovation is in the process of being rolled out world-wide in conjunction with the Company’s global partners.

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