Birla Institute of Management Technology Launches Bimcoin, a Blockchain-Based Campus Currency

Birla Institute of Management Technology Launches Bimcoin, a Blockchain-Based Campus Currency

India’s Birla Institute of Management Technology (BIMTECH) has debuted a blockchain-based campus currency called Bimcoin. The token has been designed to facilitate secure and transparent transactions within the institute’s ecosystem for students, administrators, and vendors. An official launch statement circulated by the institute says that the initiative has been inspired by India’s central bank digital currency (CBDC)-related efforts and aims to cater to the “growing need” to integrate blockchain into existing real-world systems like finance.” Unlike conventional financial systems, Bimcoin leverages blockchain’s decentralized nature, ensuring transparency, and incorporating programmable features such as smart contracts,” the statement from BIMTECH said.Bimcoin Pilot TrialsBimcoin has undergone pilot trials where the campus currency saw 1,100 completed transactions. During the trials, some issues around user onboarding and other technical integrations were identified, the institute said. BIMTECH claimed that it conducted “iterative testing and user training” to fix the issues found during the pilot phase.Bimcoin is scheduled to undergo close-net testing before it sees a campus-wide rollout. The Institute did not share a timeline for the completion of testing and Bimcoin’s wider deployment. BIMTECH has also not disclosed the name of currency’s underlying blockchain.BIMTECH’s Plans for BimcoinThrough the initiative, the management school aims to give its students and faculty a chance to explore a blockchain-based payment solution.“More than a payment solution, BIMCOIN serves as an educational tool, providing students with hands-on experience in blockchain technology, digital currencies, and real-world financial systems,” the statement noted.Moving forward, the institute plans to make blockchain a part of its academic syllabuses as well.“This is a significant step in nurturing a culture of innovation and preparing future leaders to thrive in a digital economy,” said BIMTECH director Pratibha Rajib. “Aligning with Digital India Vision, the digital money leverages permitted technology with advanced encryption, strict access controls, and data privacy protocols, ensuring the highest security standards.” Indian Students and BlockchainsWeb3 stakeholders and regulators urged educational institutes globally to implement awareness initiatives around blockchain and crypto systems.In January 2023, colleges like IITs, ISB, and NITs across Delhi, Madras, Kanpur, and Roorkee were roped in by crypto firm. Mudrex for a series of crypto initiatives under a program named “WAGMI”. IIT-Madras had also recently incorporated blockchain into its student election systems. At the time, the institute had told Gadgets 360 that its experiments with blockchain should not be seen as “betting on crypto,” rather as a pilot into exploring the distributed ledger technology on a wider scale.

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