It is an evolving relationship that builds over a period of time. Our goal is the digital transformation of your systems and processes. In this regard, we are currently investigating the current scenario and will switch the workflow accordingly to a blockchain technology solution for easier and faster work completion. The idea is to help reduce man hours and the cost of doing the same job. Since data security and its traceability are crucial, we will soon propose them solutions based on blockchain technology.
Brief introduction about the founders
A veteran entrepreneur and technology enthusiast, Nikhil Goyal has worked on several key projects during his career, including manufacturing projects in Bhutan, before launching his blockchain project under the Beyond Imagination banner. His fascination with blockchain technology and desire to realize its limitless potential has been at the heart of his work ethic at Beyond Imagination.
After growing up in the hilly areas of Darjeeling and completing his schooling at St Paul’s School, Nikhil earned his Masters in Corporate Communications from St Xavier’s College. He then spent years exploring various corporate functions and independent ventures that included water conservation projects, among others. Ultimately, it was his passion for new and emerging technologies that led him to his current company, 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 achievers have managed to build a blockchain-powered company that not only offers innovative solutions, but actually solves the pain points of businesses across the country.
Aside from spending his days building his entrepreneurial business, Nikhil enjoys spending time with his family and friends. He is also an avid golfer and loves to travel to hilly areas in his free time and reliving his youthful days.
Unique Selling Proposition of Beyond Imagination Technologies?
Blockchain technology has revolutionized the tech world by making data storage open source and unimaginably more secure. But despite the possibilities, the use of blockchain technology remains limited nationwide. In terms of using blockchain, at Beyond Imagination Technologies we aim to bridge the gap by offering bespoke solutions to startups, corporations and governments and helping them to solve vulnerabilities in their ecosystems.
Our product offering ranges from tamper-proof digital identification, fleet management and BIT-based loyalty programs to advanced tools for supply chain management and the travel and tourism industry, supporting digital transformation.
Within months of starting operations, we have signed joint development programs with highly respected institutions in India and are also increasingly working with large corporations, wealthy individuals and large institutions. Enabling users to transition from Web 2.0 to Web 3.0 inexpensively and easily has been a key reason for their success. We have successfully bridged the gap between market needs and the use of blockchain-powered solutions for sustainable business growth.
How Does Beyond Imagination Technologies Help Solve Enterprise Solutions Through Blockchain?
The core of our business is based on first examining and understanding the pain points of our customers’ business and the systems and processes currently in place. And after thorough analysis, we develop our own solutions based on blockchain technology. In short, we enable our business partners to “digitally transform” where we evolve their current setup to make it more efficient and future-proof.
For example, in places where there is a lot of paperwork and work often overlaps, we help create workarounds with smart contracts. We also help analyze costs and usability by providing unique Web 2.0 user experiences. In fact, our loyalty program solution has been successfully deployed by Cafe Coffee Day, helping them with community development activities.
How is Beyond Imagination changing the way businesses work by storing transactions more securely and reliably?
With the amount of data being generated today and the fact that crucial aspects of our lives such as communication and financial transactions revolve around the digital space, it is of paramount importance to ensure the security of online data. Data security, misuse, storage, traceability, accountability, etc. are some of the major challenges we face in today’s era. And while this is a daunting challenge, all of these pain points can be solved with blockchain technology.
Because it is based on a distributed ledger system, a blockchain network is decentralized and only allows authorized users to access the data it contains. Additionally, each block in a blockchain consists of a unique hash, making it tamper-proof and indestructible. We are currently working with many large organizations to implement these solutions in real applications.
How Has Blockchain Technology Revolutionized the Tech World?
Crypto was the first major blockchain application to catch the world’s attention. However, the technology encompasses much more than bitcoins and cryptocurrencies. Blockchain technology has opened up numerous opportunities for both individual users and large organizations/governments, and the same is gaining recognition around the world. The technology is well suited when there is a lot of data to be processed that is shared by multiple parties without a trust mechanism between participants. From smart cities, data security and supply chain management to loyalty programs, the adoption of blockchain into real-world applications has started and will continue to do so at scale.
Blockchain technology is set to have far-reaching impacts on Indian economy in the times to come. It is a revolutionary technology as it operates on a distributed ledger system, which means that it is inherently decentralized. Therefore, unlike cloud storage systems, only authorized users can access data within a blockchain network. This has wide-ranging opportunities as the whole process is more secure and less prone to fraud and counterfeiting. More efficient data management, tamper-proof information security, and increased transparency are just a few ways blockchain will benefit business operations in the times to come.
Adoption of blockchain technology in developing countries like India.
India has seen rapid technological advances in the 21st century, primarily through advanced technologies like artificial intelligence, machine learning, blockchain, augmented reality, etc. Curbing crypto and other trends with underlying technology that offers transparency and immutability, blockchain has been among who has been in the limelight in India for some time.
Some of the sectors that have tested the use of blockchain in India include trade finance, cross-border payments, bill discounting, supply chain finance, loyalty and digital identity, among others. However, early adopters wanted to experiment with the trends and technologies to create futuristic solutions. The road ahead has been fraught with challenges due to the lack of awareness, the evolving nature of blockchain platforms, and application integration challenges. Despite the uncertainty, India received $638 million worth of crypto funding and blockchain investments in 48 funding rounds in 2021, according to data from industry tracker Tracxn. Moreover, investments by Indians in cryptocurrencies alone total over $10 billion.
The Indian government is playing a crucial role in driving the adoption of blockchain and embedding it into the country’s social and economic fabric, with its active use for land registry, vehicle life cycle management, agricultural insurance, electronic health record management and others.
Additionally, many Indian players have been testing the use of blockchain in trade finance, cross-border payments, invoice discounting, supply chain finance, loyalty and digital identity. Some of the Indian banks, corporate conglomerates and an exchange are among the pioneers in exploring blockchain in India.
Web 3.0 innovations will drive the value of the digital asset economy from $5 billion in 2021 to $262 billion over 11 years, according to a report by the Digital Asset Exchange Cross Tower and the US-India Strategic Par Partnership Forum increase valued at US$1.1 trillion contribution to Indian GDP. The technology has remarkable growth potential for India.
What is the company’s expansion plan for the coming years?
Gain a foothold across industries both nationally and internationally by offering cost-effective business solutions.
A few words for the Techiexpert audience on the platform.
Thank you Techiexpert for introducing us and supporting the adoption of blockchain in the developing world.
