Blockchain Technology in Digital Transformation: Beyond Imagination
It is a developing relationship that will build up over a period of time. Our aim is to achieve digital transformation for your systems and processes. In this regard, we are studying the current scenario and will consequently transfer the workflow to a blockchain technology solution for easier and faster handling of work. The idea is to help reduce working hours and the costs of doing the same work. Since data security and traceability are key, we will soon propose to them solutions powered by blockchain 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 Beyond Imagination. His fascination with blockchain technology and the desire to harness 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 earned his Masters in Corporate Communication from St. Xavier’s College. After that, he spent years exploring various corporate roles and independent ventures, which included water conservation projects. Ultimately, 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 problems with exciting and creative solutions. And in a short period of time, he and his team of high achievers have managed to build a blockchain-powered business that not only offers innovative solutions, but actually solves the pain points of businesses across the country.
Apart from spending his days building his entrepreneurial business, Nikhil enjoys spending time with family and friends. He is also an avid golfer and loves to travel to hilly areas in his spare time and relive his younger days.
The USP for Beyond Imagination Technologies?
Blockchain technology has revolutionized the tech world by making data storage open source and more secure than imagined. However, despite the possibilities, the use of blockchain technology is limited across the country. When it comes to the use of blockchain, we at Beyond Imagination Technologies aim to bridge the gap by providing tailored solutions to startups, 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 programs to new age tools for supply chain management and the travel and tourism industry, thus aiding digital transformation.
Within a few months of inception, we have signed joint development programs with highly regarded institutions in India and are increasingly engaging with large corporations, high net worth individuals and large institutions. Enabling a cost-effective and easy transition for users from web 2.0 to web 3.0 has been one of the main reasons for their success. We have succeeded in bridging the gap between market needs and the use of blockchain-supported solutions for sustainable business growth.
How does Beyond Imagination Technologies help through Blockchain to solve business solutions?
The core of our business depends on first studying and understanding the pain points in our client’s business together with the systems and processes that are 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, evolving their current setup to make it more efficient and future-proof.
For example, in places where a lot of paperwork is involved and there is frequent overlap of work, we help create solutions using smart contracts. We also help analyze the cost and usability of delivering unique user experiences using Web 2.0. In fact, our loyalty program solution is successfully implemented by Cafe Coffee Day and helps them with community development activities.
How does Beyond Imagination change the way businesses operate by allowing transactions to be stored more securely and reliably?
Considering the amount of data generated today and the fact that important aspects of our lives, such as communication and financial transactions, revolve around the digital space, ensuring the safety and security of online data is of utmost importance. Security, misuse, storage, traceability, accountability of data etc. are some of the most important challenges we face today. And despite the fact that this is a towering challenge, all of these pain points can be solved with the help of blockchain technology.
Since it is based on a distributed ledger system, a blockchain network is decentralized and allows only authorized users to access the data within it. In addition to this, each block in a blockchain consists of a unique hash, which makes it tamper-proof and indestructible. We are currently working with many large organizations to implement these solutions in real-world applications.
How Blockchain technology has revolutionized the technology world?
Crypto was the first major blockchain application to capture the world’s attention. However, there is much more to the technology than bitcoins and cryptocurrencies. Blockchain technology has opened up more opportunities for both individual users and large organizations/governments, and the same is gaining recognition worldwide. The technology is well suited when a lot of data that is shared across several parties without a 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 in 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 times to come. It is a revolutionary technology as it works with a distributed ledger system, meaning it is decentralized in nature. As a result, unlike cloud storage systems, only authorized users can access data within a blockchain network. This has far-reaching possibilities as the whole process is more secure and less prone to fraud and forgery. Increased data management efficiency, tamper-proof information security and increased transparency are just a few ways blockchain will benefit business operations in times to come.
Adoption of Blockchain technology in developing countries like India.
India witnessed rapid technological advancements in the 21st century, more so through advanced technologies such as artificial intelligence, machine learning, blockchain, augmented reality, etc. Stemming Crypto, along with other trends of underlying technology that provides transparency and immutability, blockchain has been under the spotlight for a while in India.
Some of the sectors that have tested the use 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 trends and technology to build futuristic solutions. The road ahead has been fraught with challenges due to the lack of awareness, the evolution of blockchain platforms and application integration challenges. Despite the uncertainty, India received crypto finance and blockchain investments worth $638 million over 48 funding rounds in 2021, according to data from industry tracker Tracxn. Also, the investment made by Indians in cryptocurrencies alone is over $10 billion.
The Indian government is playing a crucial role in catapulting the introduction of blockchain and absorbing it into the social and economic fabric of the country, with its active use for property registration, vehicle lifecycle management, farm insurance and electronic health records, among others.
In addition to this, many Indian players have also tested the use 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 a stock exchange are among the pioneers in exploring blockchain in India.
According to a report by digital asset exchange Cross Tower and the 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 $1.1 trillion contribution to India’s GDP. The technology has remarkable growth potential for India.
What is the expansion plan for the company in the coming years?
To set both national and international footprints across sectors by offering cost-effective business solutions.
A few words to the Techiexpert audience about the platform.
We thank Techiexpert for introducing us and advocating for the adoption of Blockchain in developing countries.
