Hi,
I am making a custom board with AM3358 and using BeagleBone as a reference and intend to use the same OS.
Is the “Board ID” IC 24LC32AT-I/OT a must for using the software platform of beaglebone?
Can I choose not to use it or enter custom information in it?
I guess you can, but be aware that several processes, including u-boot, uses this
information to figure out how to configure the hardware it’s running on. YMMV!
If you put a footprint on your board for one, but leave it unpopulated; no harm done.
Oh, and don’t forget to send us pictures of your creation, once it’s done! 
Thanks for the reply.
I can use place the IC also and use it for version control and serial number maybe.
I will definitely share the final output here. A long way to go, a lot of documents to read right now.
That is correct. Some of the things stored in it, is the Product name and S/N.