October 10, 2023
In this wide-ranging interview with NFTMetta correspondent Anjali Kochhar, Nikhil Goyal, founder and CEO of Beyond Imagination, discusses the future of blockchain, his company’s recent successes in signing up high-profile clients in both the private and public sectors, it’s ambitious plan to scale its business globally in the blockchain and Web3 space, and how blockchain can help increase transparency and reduce inefficiencies in all spheres of life.
Q: What is the story behind the inception of Beyond Imagination Technologies and how has the journey been so far?
A: The idea behind the inception of Beyond Imagination Technologies (BIT) was to become the pioneers in building cost-effective, safe and secure Blockchain / Web 3 solutions. While exploring various corporate roles and independent businesses, I understood various problem areas of the market and technological intervention can deal with it.
Since our inception our aim is to deal with the pain points of the businesses by developing customized blockchain-aided solutions for sustainable business growth. Within a very short span, we have witnessed enormous growth and have gained a lot of recognition from big corporate houses and government organizations with many of them adopting our solutions to their advantage. We have signed joint development programs with highly esteemed institutions in India and are also increasingly engaging with large corporations, high-net-worth individuals, and big institutions.
Recently, BIT expanded to the Middle East with its partnership with one of Saudi Arabia’s first licensed blockchain companies Aba’ad Alkhayal. Moreover, company has collaborated with a prominent blockchain enterprise; Near Protocol, to further solidify its expertise and commitment to pushing boundaries. The company last month strengthened its partnership with Indian Army and announced the first pilot for army veteran communication management. This collaboration will enhance communication processes for veterans, ensuring information integrity, security, currentness and correctness of data.
Q: Kindly tell our readers about your services and products.
A: 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. 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 with respect to the use of blockchain.
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 aiding digital transformation.
At Beyond Imagination Technologies, we offer clients’ blockchain-based solutions. Our services are based on in-depth analysis of the various pain points faced by clients’ in their existing systems. After analysis we design proprietary blockchain-based solutions and help our clients evolve their current setup to make it more efficient, futuristic, and technologically upgraded. Our products range from tamper-proof digital credentialing platforms to fleet management systems, blockchain-based loyalty programs, supply chain management, digital souvenirs, and a blockchain-based wallet.
Our flagship product, BitMemoir is a web3 based application that enables individuals and organisations to provide authorised clients with digital certifications. Individual users can convert personal identifiers, property documents, and other sensitive materials into digital certificates, or NFTs, and store them in their own wallets. By utilising blockchain technology, BitMemoir enables users to own their personal documents in perpetuity.
Q: Digital innovations are driving the blockchain sector in India towards a paradigm shift. What are the measures taken by your brand to boost this drive?
A:At present, Blockchain is one of the most talked-about technologies in business. It has potential to drive changes and create new opportunities across global businesses. Blockchain can enable industries to drive innovation of traditional business models. This technology has the potential to impact all major areas in a business. From accounting to human resource and supply chain to marketing & advertising the opportunities and applications of this technology in business are endless.
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. 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.
Currently, Beyond Imagination Technologies has many pilots and production-ready applications such as Smart Contracting, Credential Management, Digital Certificate Issuing Platform and NFT souvenirs to name a few, tailored for different sectors and government bodies.
Q: How do you foresee the next decade of blockchain in India?
A: Blockchain is at nascent stage but has a lot of scope for evolution in the coming future. With every passing day blockchain technology is finding its way into various sectors as diverse as health records management, school/college certificates, digital identity verification, supply chain tracking, digital souvenirs, etc. In times to come, when blockchain becomes more widespread, its use cases will also increase. Thus, the future of blockchain is indeed very bright.
Q: What’s in the pipeline for Beyond Imagination Technologies in 2023 and beyond?
A: The company is working relentlessly towards solving real-world challenges with the help of revolutionary blockchain technology. Our flagship solution BitMemoir addresses the gigantic problem of identity theft and fake documentation and we hope to scale this in multiple sectors around the world in times to come. In 2023 our major aim is to expand to new geographies like APAC, Africa through constructive discussions with industry experts, networking, collaborations, and hiring the right talent.
Q: What are your thoughts on global blockchain industry?
A: 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. 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.
The Internet has transformed many sectors of business and society in the last two decades, making individuals and organisations more productive. Blockchain has the potential to bring the transparency and efficiency that we have come to expect from the Internet Era to those processes. In today’s competitive world, digital transformation is becoming increasingly important to keep many firms alive, yet catching up is getting increasingly challenging in many cases. Blockchain technology can be used to secure digital assets, such as medical records, in the healthcare business, which is also perceived to be on the digitalization route. It can also speed up claim processing and make it easier for patients to share information with other providers while preserving control. Blockchain has the ability to eliminate or drastically reduce transaction costs in the media and entertainment industries. A news website, for example, could use blockchain to charge subscribers per piece rather than per month. These kinds of low-cost micro-transactions can be processed on a blockchain without the costs that current payment platforms charge. A blockchain ledger could be used to secure intellectual property such as music and films, allowing for the enforcement of usage rights and the reduction of digital piracy. According to a report by digital asset exchange Cross Tower and the US-India Strategic Par Partnership Forum, the digital asset economy’s value will drop 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 impact of blockchain technology is enormous. Blockchain has tremendous growth potential for India, especially because its implementation necessitates software developers, financial experts, and legal expertise, all of which create job opportunities. The functionality of B2B, G2C, G2G, and B2G services related to diverse application fields will be revolutionized by blockchain technology.
Q: How blockchain can revolutionize the future of tech globally?
A: Blockchain technology has the potential to revolutionize the future of tech globally by fundamentally altering the way we trust, transact, and interact online. Its decentralized and immutable ledger ensures secure, transparent, and tamper-proof record-keeping across various industries, from finance to healthcare and supply chain management. This not only eliminates the need for intermediaries, reducing costs and fraud, but also opens up new avenues for innovation. Smart contracts enable self-executing agreements, while decentralized applications (DApps) provide a new framework for building services and platforms. Moreover, blockchain can enhance data privacy and ownership, empowering individuals to have greater control over their digital identities and assets, ultimately ushering in a more secure, efficient, and inclusive digital future.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.