BIMTECH Launches Bimcoin, a Blockchain-Based Campus Currency 

BIMTECH Launches Bimcoin, a Blockchain-Based Campus Currency 



India’s Birla Institute of Management Technology (BIMTECH) has launched a blockchain-based campus currency called BIMCoin. The token is designed to facilitate secure and transparent transactions within the ecosystem of the institute for students, administrators and vendors. An official launch statement circulated by the institute said the initiative is inspired by India’s central bank digital currency (CBDC)-related efforts and aims to meet the “growing need” to integrate blockchain into existing real-world systems like finance. Have to do.

“Unlike traditional financial systems, Bimcoin takes advantage of the decentralized nature of the blockchain, ensuring transparency, and incorporating programmable features such as smart contracts,” statement Told BIMTECH.

Bimcoin pilot test

Bimcoin has been pilot tested where 1,100 completed transactions in the campus currency were observed. The institute said that during the trials, some issues related to user onboarding and other technical integration were identified. BIMTECH claimed that it conducted “iterative testing and user training” to fix issues found during the pilot phase.

Bimcoin is scheduled to undergo closed-net testing before seeing a campus-wide rollout. The institute did not share any timeline for completing testing and widespread deployment of Bimcoin. BIMTECH has also not disclosed the name of the blockchain underlying the currency.

BIMTECH’s plans for BIMCOIN

Through this initiative, the school of management aims to give its students and faculty an opportunity to explore blockchain-based payment solutions.

“More than a payments 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 said.

Going forward, the institute plans to make blockchain a part of its academic curriculum as well.

“This is an important step towards fostering a culture of innovation and preparing future leaders to thrive in the digital economy,” said Prabina Rajib, Director of BIMTECH. “In line with the Digital India vision, digital money leverages permissioned technology with advanced encryption, strict access controls and data privacy protocols, ensuring the highest security standards.”

Indian students and blockchain

Web3 stakeholders and regulators urged educational institutions globally to implement awareness initiatives about blockchain and crypto systems.

In January 2023, colleges like IIT, ISB and NIT in Delhi, Madras, Kanpur and Roorkee were roped in by crypto firm Mudrex for a series of crypto initiatives under a program called “WAGMI”.

IIT-Madras also recently incorporated blockchain into its student election system. At the time, the institute told Gadgets 360 that its experiments with blockchain should not be seen as “betting on crypto,” but rather as a pilot in exploring distributed ledger technology on a broader scale.