Now a Blockchain University Is In the Cards
After the prominence in establishing a platform for creating cryptocurrencies, it is now entering the University space. A first “blockchain university” is in the cards in the European Union that would be established by a group of professors from Oxford. They are keen to get full-degree of powers in the region, and it would be the first in the world to emerge. That clearly demonstrated why it is a disruptive one in the current decade or the prominence that it will enjoy in the upcoming years.
Democratize Higher Education Structure
A team of academics led by Joshua Broggi of the Oxford is behind the Woolf development. He is from the Philosophy Faculty and believes that the technology, as well as, the smart contracts could democratize the higher education’s conventional structure. This is one more instance of how the technology is gaining ground beyond the fintech sector. The technology is already finding its place in the transport sector, and a dedicated university would go a long way in meeting the growing demands too.
There is a strong feeling that the new age technology could dominate at least the next ten year. Therefore, the planned “blockchain university” would focus on individual tutorial-driven modules, which would be made available to students either online or offline. The planned university will take up the conventional Oxbridge course and collegiate structure to be focused individually. The project is designed in such a way to be “geographically agnostic” thus focusing on cross-border academic community rather than local or national ties.
The whitepaper of Woolf indicated that a blockchain-driven university could be in a position to address a number of issues that currently affect the universities around the world. This included cumbersome bureaucracy, administration costs, and sky-high tuition fees for students, apart from underpaid and precarious academic teaching positions, cointelegraph reported. The team leader indicated that Woolf is trying to get full degree-granting status from the European Union. He also disclosed that it was provided with a conduit to get full accreditation from two jurisdictions in the region.
Broggi told the media, “We are using a blockchain to enforce regulatory compliance and provide high degrees of data security so that regulators have the confidence to provide global teaching activities with accreditation in Europe. So a Woolf student in Madras with a Woolf teacher in New York will earn an EU Woolf degree.”
Ambrose is the first Woolf’s college that is set to introduce in the fall season. The planned fees would be $400 per tutorial. Alternatively, $19,200 a year fee before scholarships. The team has distinguished the project as an “Airbnb of degree courses” as far as students are concerned. For tutors, it is a decentralized democratic and non-profitably community.
The academicians stressed the importance of blockchain technology since it offers the contractual stability that is required to complete a “full course of study.” The pre-mined Woolf token, which is ERC20-compliant, would be used for a number of functions. This included project developments, the budget for the university, compensation for faculty, and platform governance voting.