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India’s Birla Institute of Management Technology (BIMTECH), one of the top business institutions, has launched its in-campus cryptocurrency.
The coin, called “BIMCOIN,” is a futuristic digital currency based on blockchain technology. Specifically created for the BIMTECH ecosystem, BIMCOIN uses a permissioned blockchain technology to enable safe, transparent, and immediate transactions between administrators, vendors, and students.
BIMTECH’s New Move In Tandem With Other institutes in The Nation
After IIT Madras, BIMTECH is the first business management school in India to introduce BIMCOIN, bringing fintech innovation to the classroom.
The move also comes as BIMTECH and the Kalp Decentra Foundation has opened a state-of-the-art Blockchain Learning Center on campus.
Inspired on the Central Bank Digital Currency (CBDC) paradigm and the increasing necessity to integrate blockchain technology into real-world schemes, the move comes as a part of the the Viksit Bharat (Developed India) 2047 program.
In contrast to conventional systems, BIMCOIN functions on a blockchain, providing programmable capabilities like smart contracts, decentralization, and transparency.
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What Will The Coin Be Used For?
According to the official announcement, BIMCOIN will ensure improved security, fraud prevention, and moral behavior by streamlining payments, encouraging transparency, and introducing cutting-edge financial instruments.
More than just a way to make payments, BIMCOIN is a teaching tool that gives students practical experience with digital currencies, blockchain technology, and actual financial systems.
Dr. Prabina Rajib, Director, BIMTECH, said, “BIMCOIN is more than a payment solution, it is an educational instrument that facilitates our students with practical experience in blockchain technology and digital currencies, shaping their readiness for careers in fintech.”
He adds, “This is a significant step in nurturing a culture of innovation and preparing future leaders to thrive in a digital economy. Aligning with Digital India Vision, the digital money leverages permissioned technology with advanced encryption, strict access controls, and data privacy protocols, ensuring the highest security standards.”
BIMCOIN Rollout Follows A Successful Trial Period
The final rollout of the in-campus crypto coin comes after a successful pilot program.
With more than 1,100 smooth transactions, the pilot period was an incredible success. Through iterative testing and user training, issues like technological integration and user onboarding were resolved.
Prior to rollout across the university, the following phase entailed more rounds of close-net testing.
Additionally, BIMTECH intends to integrate this technology into its curriculum by offering courses on digital innovation, blockchain, and fintech, thereby strengthening its dedication to promoting financial technology education.