Bimtech Launches Bimcoin, A Blockchain-Based Campus Currency

India’s Birla Institute of Management Technology (Bimtech) Has Debured A Blockchain-Based Campus Currency Called Bimcoin. The token has been designed to facilitate secure and transparent transactions with the institute’s ecosystem for students, administors, and vendors. An official launch statement circulated by the institute, that the initiative has been inspired by India’s Central Bank Digital Currency (CBDC) -Related Efforts and AIMS to the Cater to the “Growing Need” INTO EXISTING REAL-WORLD Systems Like Finance.

“Unlike Conventional Financial Systems, Bimcoin Leverage Blockchain’s Decentralized Nature, ENSURING TRANSPARENCY, and Incorprating Programmable Features Such as Smart Contactions,” statement From Bimtech said.

Bimcoin Pilot Trials

Bimcoin has undergone pilot trials where the campus currency saw 1,100 complete transactions. DURING The Trials, Some issues Around User Onboarding and other Technical Integrations were identified, the institute said. Bimtech claimed that it conducted “Iteative 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 Development. Bimtech has also not disclosed the name of currency’s underlying blockchain,

Bimtech’s Plans for Bimcoin

Through 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 services as an educational tool, providing students with hands-on experience in Blockchain Technology, Digital Currencies, and Real-WWORLD 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 preparation future leaders to thrive in a digital economy,” Said Bimtech Director Prabina Rajib. “Aligning with Digital India Vision, The Digital Money Leverage Permissioned Technology with Advanced Encryption, Strint Access Controls, and Data Privacy Protocols, ENSURING The Highest Secondary Tandards.”

Indian students and blockchains

Web3 stakeholders and regulators Urged Educational Institutes Globally to Implement Awareness Initiatives Around Blockchain and Crypto Systems.

In January 2023, college like IITS, ISB, and Nits Across Delhi, Madras, Kanpur, And ROORKEE WEREKE WERE “Wagmi”,

IIT-Madras Had also recently incorporated Blockchain ITS STUDENT Election Systems. At the time, The Institute Had Told Gadgets 360 that its Experiences With Blockchain Should not be seen as “Betting on Crypto,” Rather as a pilot into expert e.