Startup Circle- How BIT uses blockchain-aided solutions for sustainable business growth

Beyond Imagination Technologies (BIT) was founded as the first Indian start-up fective, safe and secure solutions that fit the market needs and help address the mwith the idea of nurturing the Blockchain/Web3 technology and building cost-efajor market problems in all possible classes and verticals of organisations, thereby creating a conducive environment for its fair growth and development in India.

As a seasoned entrepreneur and technology enthusiast, Nikhil Goyal has a deep affiliation with delivering unique concepts and stories through technological advancements and sustainability. His purpose is simply to make a meaningful impact for the clients, colleagues, partners, government bodies and communities he serves. Through his blockchain-powered enterprise Beyond Imagination Technologies, like its name, empowers businesses across sectors to stay relevant in the future by solving real-world issues with exciting and creative solutions.

Speaking to CIOL, Nikhil Goyal, Founder and CEO of Beyond Imagination Technologies, has shared his views on how BIT uses blockchain-aided solutions for sustainable business growth with tailored solutions. He talked about his startup journey and also, and he speaks about the growth plans he has for BIT.

Tell us about Beyond Imagination Technologies and your offerings. Tell us about the team.

Ans -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 with prime focus on enabling an easy and seamless transition from Web 2 to Web 3. 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.

About the Founder

A seasoned entrepreneur and technology enthusiast, Nikhil Goyal has founded Beyond Imagination Technologies. He 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 passion to tap into its endless possibilities has been at the center of his work ethic at Beyond Imagination.

After spending his childhood in the hilly areas of Darjeeling and completing his schooling at St Paul School, Nikhil went on to attain his Masters in Corporate Communication from St Xavier’s College. Post which 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, which led him to his current venture, Beyond Imagination.

What is the story behind the inception of Beyond Imagination Technologies and how has the journey been so far?

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. 

What are the drivers/market trends that are shaping the Tech landscape in the coming year?

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.

How will Beyond Imagination Technologies tapping these market trends for growth?

At Beyond Imagination Technologies, we offer clients’ blockchain-based solutions with prime focus on enabling an easy and seamless transition from Web 2 to Web 3. 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.

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?

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.

How do you foresee the next decade of blockchain in India?

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, and video games, 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.

What has 2022 changed for you? How are things now?

Well we are in an industry which is still in its nascent stage, hence in the year 2022 we were more focused on understanding problems of different industries and creating tailored blockchain based solutions. This year we are hoping to see significant inflows in terms of revenues.

What are your growth priorities for 2023?

At Beyond Imagination Technologies, we are 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 reach out to the market through constructive discussions with industry experts, networking, collaborations, and hiring the right talent.

What’s in the pipeline for Beyond Imagination Technologies in 2023 and beyond?

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.

Funding

We are bootstrapped currently and yes we would be looking at funding but only after we have created enough value.