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Nikhil Goyal, Founder, and CEO, Beyond Imagination Technologies

  • 16 Jan, 2023 |
  • 7:51 AM
  • In conversation with Sheetal Agarwal of IIFL, the founder provides insights about the company as well as potential of Blockchain technology

What was the idea behind the inception of Beyond Imagination Technologies (BIT)?

The idea behind 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 organization 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. 

Help us understand the company’s business model.

At Beyond Imagination Technologies, we offer clients’ blockchain-based solution 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 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. 

What is the future of Blockchain in India and around the world?

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, future of blockchain is indeed very bright. 

Does blockchain have any significance in the education industry? If yes, how.

The answer is yes. Blockchain can revolutionize the education sector. The use of blockchain in the Indian education system can automate the tedious processes that cause obstacle in the development of the sector. By introducing blockchain-based solutions education sector can improve resource usage and the effectiveness. The recruiting process can be made easier, data security and trust can be enhanced. Moreover, through blockchain based digital certificated students can have lifetime ownership of their academic records thanks to record-keeping and sharing streamlining. 

What are your plans for 2023 and beyond?

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.

How is this industry revolutionizing the tech world?

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 is the company helping in the development of India and other businesses?

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.   

What are the key risks your company is facing? How are you addressing the same?

We strongly believe that there is nothing in this world that comes without problems and challenges. And we too have faced our own set of challenges. The most challenging part in our journey so far has been to educate people about blockchain technology and the numerous advantages it is capable of offering. Since this technology is still in its infancy, people often perceive it as synonymous to cryptos. However, it has evolved significantly and can now be used in almost all sectors to create more efficient processes and ecosystems for everything from data management to legal compliance.

Share with us details of the fundraising done by the company in recent times.

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

Please provide a snapshot of the company’s financial profile and the key strengths thereof.

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

 

Nikhil Goyal, Founder, and CEO of Beyond Imagination Technologies

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