Birla Institute of Management Technology, a leading business school in India, has launched its own cryptocurrency for on-campus use.
The cryptocurrency, called BIMCOIN, will enable transactions between students, suppliers and administrators while serving as a practical tool for hands-on learning in blockchain and digital finance, an official said press release.
BIMTECH, which is backed by the Birla group of companies, an Indian conglomerate, is working with the Kalp Decentra Foundation, a non-profit organization focused on digital innovation, to develop BIMCOIN on a permissioned blockchain.
For those who don’t know, permissioned blockchains are private or semi-private blockchain networks that require permission to join. Unlike public blockchains, where anyone can participate in and validate transactions, permissioned blockchains restrict access to approved participants, providing greater control, security and efficiency.
Companies and institutions often use them for applications such as supply chain management and other customized use cases.
According to BIMTECH director Prabina Rajib, BIMCOIN will go beyond just a payment solution and act as “an educational tool” to provide students with practical knowledge of blockchain technology and digital currencies, preparing them for a career in fintech.
BIMTECH plans to integrate BIMCOIN into its academic curriculum to strengthen its role as a practical educational tool.
A pilot for BIMCOIN has already been conducted, aimed at addressing challenges such as technical integration and user onboarding, with more than 1,100 transactions recorded. For the next phase, BIMCOIN will undergo additional testing in a tight network to refine its functionality, after which it will see a full campus-wide rollout.
BIMCOIN has been launched as India is witnessing a nationwide increase in cryptocurrency and blockchain adoption. Last week, India’s largest telecom operator Reliance Jio partnered with blockchain developer Polygon Labs to introduce JioCoin, a rewards token developed on the Polygon blockchain.
Yet crypto remains a fringe topic for lawmakers who have remained relatively silent on their official position. Regulators such as the Reserve Bank of India have expressed concerns about the risks of cryptocurrencies and have instead advocated the adoption of its CBDC initiative, the digital rupee.
