invented Data Storage and Access Systems technology, which he called “Smartflash.” This invention was an extremely important technological advancement. The essence of the innovation lay in the inventive digital memory system which was configured and designed so as to permit for the first time, inter alia, the secure and controlled receipt, storage, retrieval, use and transmission of digital data that offered a range of functionality which included, but was not limited to, digital rights management (DRM) and payment facilities.

The invention was auspiciously timed in that in the late 1990’s the distribution of digitally compressed media was increasing, and this growth was set to continue on an exponential basis. Mr Racz foresaw the consequences of this growth and the commercial opportunities that would drive this sector for as long as the interests of digital media providers and consumers were protected by reliable and secure methods of data storage and access.

The value of "Smartflash" technology was also recognized at an early stage by leading consumer electronics companies and content providers including Disney and Paramount.