Blockchain technology is transforming the future of Indian Businesses: Mr Nikhil Goyal – Beyond Imagination’s founder

How Beyond Imagination Technologies through Blockchain is helping to solve enterprise solutions    

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. And 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.

For example, in places where a lot of paperwork is involved and there’s frequent overlapping of work, we help create workarounds using smart contracts. We also help analyse the costs and ease of use by delivering unique user experiences using Web 2.0. In fact, our loyalty program solution has been successfully deployed by Cafe Coffee Day and is helping them with community development activities.

 How Beyond Imagination is transforming the way businesses operate by allowing transactions to be saved more securely and reliably.

Considering the amount of data that is being generated nowadays and the fact that crucial aspects of our lives, such as communication and financial transactions, take place in the digital space, it is of utmost importance to ensure the safety and security of online data. Security, misuse, storage, traceability, accountability of data, etc., are some of the urgent issues we face today. And despite the towering challenge this presents, all these pain points can be solved using Blockchain technology.

Since it is based on a distributed ledger system, a blockchain network is decentralised in nature and allows only authorised users to access the data inside it. In addition, every block in a blockchain consists of a unique hash, which makes it tamper-proof and indestructible. Currently, we are working with many big organizations to implement these solutions in real-world applications.

Brief about collaboration with the Indian Army and Cafe Coffee Day.

It’s an evolving relationship that will build over a period of time. We aim to bring about digital transformation of their systems and processes. In this regard, we are currently studying the current scenario and will accordingly transition the workflow to a Blockchain technology solution for easier and faster handling of work. The idea is to help in the reduction of man-hours and the cost of doing the same work. As data security and its traceability are key, we will soon be sharing with them possible solutions powered by Blockchain technology.

How Blockchain technology has revolutionised the tech world?

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.

How Blockchain is Transforming and Reshaping the Future of Indian Businesses in India 

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.