[Exclusive Interview] This Blockchain Startup Helps Businesses To Transition From Web 2.0 To Web 3.0 (Find Out How?)

Recently, we interacted with Mr. Nikhil Goyal, Founder, and CEO of Beyond Imagination Technologies – one of the first Indian start-ups with the idea of nurturing the Blockchain/Web3 technology and building cost-effective, safe and secure solutions.

Here are interview highlights:

1. Please enlighten our readers about your venture and how does it stand out from other blockchain platforms? 

Ans – The motive behind conceptualizing Beyond Imagination Technologies (BIT) was to become the pioneers in building cost-effective, safe and secure Blockchain / Web 3 solutions that address the existing needs and problem areas of the market and bring in a technological revolution in the country by assisting in the easy transition from Web 2 to Web 3. Our focus is primarily on bridging the gap between market needs and the deployment of blockchain-aided solutions for sustainable business growth by developing customized solutions for start-ups, enterprises, and governments and helping them solve pain points in their ecosystems.

Within a very short span, we have witnessed enormous growth and have gained a lot of recognition from big corporate houses and government organizations within the country, 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. BIT’s area of operations, however, is not limited to domestic boundaries. It has been our utmost privilege that we’ve recently partnered with international clients, which fulfills our vision of keeping India at par with other international Blockchain and Web 3 firms.

2. What are Beyond Imagination Technologies most innovative offerings?

Ans – At BIT, we offer blockchain-based solutions and focus primarily on enabling an easy and seamless transition from Web 2 to Web 3, while also using this revolutionary technology for the organization’s benefit. Our services are largely dependent on in-depth analysis of the various pain points or problem areas of clients and their existing systems and processes. We then design proprietary blockchain-based solutions and help our clients evolve their current setup by integrating our solutions into their existing ecosystems and making them 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. The target segment is start-ups, enterprises, and government bodies. 

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. 

3. Could you explain how you are revolutionizing the blockchain industry ? 

Ans – 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. 

4. The world is witnessing a swift technological change with Web3. How do you think blockchain helps businesses in times to come? 

Ans – 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.

5. What are your key priorities for next 12-14 months?

Ans – At Beyond Imagination Technologies, we are working relentlessly towards solving real-world challenges with the help of revolutionary blockchain technology. The company is developing global products for the global, 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. 

For next 12-14 month our major aim is to reach out the market through constructive discussions with industry experts, networking, collaborations, and hiring the right talent. In addition to it, we are aggressively expanding our footprints in the overseas markets like Latin America, South East Asia and opening a new office in Dubai.