Blockchain Technology in Digital Transformation : Beyond Imagination
It’s an evolving relationship that will build up over a period of time. We aim to bring about digital transformation for their systems and processes. In this regard, we are currently studying the current scenario and will accordingly transition the workflow to a blockchain technology solution for easier and faster handling of work. The idea is to help in the reduction of man-hours and the cost of doing the same work. As data security and its traceability are key, we will be soon suggesting to them solutions powered by block chain technology.
Brief introduction about the founders
As a seasoned entrepreneur and technology enthusiast, Nikhil Goyal has worked on several important projects throughout his professional journey, including manufacturing projects in Bhutan before starting his blockchain venture under the banner of Beyond Imagination. His fascination with blockchain technology and desire to tap into its limitless potential has been central to his work ethic at Beyond Imagination.
After spending his childhood in the hilly areas of Darjeeling and completing his schooling at St. Paul’s School, Nikhil went on to attain his Masters in Corporate Communication from St. Xavier’s College. After that, he spent years exploring various corporate roles and independent businesses, which included water conservation projects, among others. Finally, it was his passion for new and upcoming technologies that led him to his current venture, Beyond Imagination.
As the name suggests, Nikhil founded Beyond Imagination to solve real-world issues with exciting and creative solutions. And in a short span of time, he and his team of high-achievers have managed to build a blockchain-powered enterprise that is not only offering innovative solutions but is actually solving the pain points of businesses across the country.
Apart from spending his days building his entrepreneurial venture, Nikhil likes to spend time with his family and friends. He is also an avid golfer and loves travelling to hilly areas in his free time and reliving his younger days.
USP of Beyond Imagination Technologies?
Blockchain technology has revolutionized the tech world by making data storage open-source and safer beyond imagination. However, despite the possibilities, the use of blockchain technology remains limited across the country. With respect to the use of blockchain, we at Beyond Imagination Technologies aim to bridge the gap by providing tailored solutions to start-ups, enterprises, and governments and helping them solve pain points in their ecosystems.
Our product offerings range from tamper-proof digital identification, fleet management, and BIT-based loyalty programmes to new-age tools for supply chain management and travel and tourism industry, thus aiding digital transformation.
Within a few months of starting operations, we have signed joint development programmes with highly esteemed institutions in India and are also increasingly engaging with large corporations, high net-worth individuals, and big institutions. Enabling a cost-effective and easy transition for users from web 2.0 to web 3.0 has been one of the major reasons for their success. We have successfully bridged the gap between market need and the use of blockchain-aided solutions for sustainable business growth.
How is Beyond Imagination Technologies through Blockchain helping to solve enterprise solutions ?
The core of our operations relies on first studying and understanding the pain points of our client’s business along with the systems and processes that are currently in place. And after conducting an in-depth analysis, we develop proprietary solutions for them based on blockchain technology. In short, we enable a ‘digital transformation’ for our business partners, wherein we evolve their current setup to make it more efficient and future-ready.
For example, in places where a lot of paperwork is involved and there’s frequent overlapping of work, we help create workarounds using smart contracts. We also help analyse the costs and ease of use by delivering unique user experiences using Web 2.0. In fact, our loyalty programme solution has been successfully deployed by Cafe Coffee Day and is helping them with community development activities.
How is Beyond Imagination transforming the way businesses operate by allowing transactions to be saved more securely and reliably?
Considering the amount of data that is being generated nowadays and the fact that crucial aspects of our lives, such as communication and financial transactions, revolve around the digital space, it is of utmost importance to ensure the safety and security of online data. Security, misuse, storage, traceability, accountability of data, etc. are some of the key challenges we face in today’s time. And despite this being a towering challenge, all these pain points can be solved using blockchain technology.
Since it is based on a distributed ledger system, a blockchain network is decentralised in nature and allows only authorised users to access the data inside it. In addition to this, every block in a blockchain consists of a unique hash, which makes it tamper-proof and indestructible. Currently, we are working with many big organisations to implement these solutions in real-world applications.
How Blockchain technology has revolutionized the tech world ?
Crypto was the first major blockchain application that caught the world’s attention. However, there’s much more to the technology than bitcoins and cryptocurrencies. Blockchain technology has opened multiple possibilities for both individual users and big organizations/governments, and the same is gaining recognition across the world. The technology becomes a good fit when a lot of data that is shared across multiple parties with no trust mechanism among the participants needs to be processed. From smart cities, data security, and supply chain management to loyalty programs, the adoption of blockchain into real-world applications has started in a big way and is here to stay.
Blockchain technology will have a far-reaching effect on the Indian economy in coming times. It is a revolutionary technology as it works with a distributed ledger system, which means it is decentralised in nature. As a result, unlike cloud storage systems, only authorised users can access data within a blockchain network.This has far-reaching possibilities as the entire process is more secure and less prone to fraud and counterfeiting. Increased data management efficiency, tamper-proof information security, and increased transparency are just a few ways in which blockchain will benefit business operations in coming times.
Adoption of Blockchain technology in developing countries like India.
India witnessed rapid technological advancements in the 21st century, more so through advanced technologies like Artificial Intelligence, Machine Learning, Blockchain, Augmented Reality, etc. Stemming Crypto, along with other trends with underlying technology that affords transparency and immutability, blockchain has been under the spotlight for some time in India.
Some of the sectors that have tested the usage of Blockchain in India are Trade Finance, Cross-border Payments, Bill Discounting, Supply Chain Financing, Loyalty and Digital Identity areas, among others. However, early adopters wanted to experiment with the trends and technology to build futuristic solutions. The road ahead has been filled with challenges due to the lack of awareness, the evolving nature of blockchain platforms, and application integration challenges. Despite the uncertainty, India received crypto funding and blockchain investments worth $638 million across 48 funding rounds in 2021, according to data by industry tracker Tracxn. Moreover, the investment made by Indians in cryptocurrencies alone is over $10 billion.
The Indian government is playing a crucial role in catapulting the adoption of blockchain and imbibing it into the social and economic fabric of the country, with its active utilisation for land title registry, vehicle lifecycle management, farm insurance, and electronic health record management, among others.
In addition to this, a lot of Indian players have also tested the usage of Blockchain in the areas of Trade Finance, Cross-border Payments, Bill Discounting, Supply Chain Financing, Loyalty and Digital Identity. Some of the Indian banks, business conglomerates, and one stock exchange are among the pioneers in exploring blockchain in India.
According to a report by digital asset exchange Cross Tower and US-India Strategic Par Partnership Forum, Web 3.0 innovations will increase the value of the digital asset economy from $5 billion in 2021 to $262 billion over an 11-year period, resulting in a $1.1 trillion contribution to India’s GDP. The technology has remarkable growth potential for India.
What is the expansion plan of the company in the coming years?
To make both national and international footprints across sectors by offering cost-effective business solutions.
A few words for the Techiexpert audience about the platform.
We thank Techiexpert for featuring us and advocating the adoption of Blockchain in the developing world.
Gloss