Oxford Professors To Launch The First Blockchain Based, Decentralized University In The World
A team of academicians in Oxford University are seeking for approval to offer full-degree granting powers in the European Union. If approved, this will be the first ‘Blockchain University’ globally. Led by Joshua Broggi, the team from Oxford University’s faculty of Philosophy assert that the smart contacts, in combination with blockchain technology, can assist democratize the conventional configuration of advanced education.
The group intends to adopt the conventional Oxbridge course and collegiate structure by laying emphasis on individual modules led by tutors. This will be accessible to learners either offline or online. The proposal is aimed at designing an academic community which is without borders, and with no local or national connections.
The Woolf Development
Also known as the Woolf development, its white paper proposes that the blockchain-based university should be in a position of addressing the myriad of issues which have affected many universities all over the world. For instance, currently, college fees in many universities all over the world have gone through the roof, with burdensome bureaucracy and administrative costs.
The proposal also outlines the immutability of blockchain in a way that it can operate to deter students from playing around with academic records. This will be beneficial since even student’s attendance, academic paper submissions and credit transfers will be streamlined by smart contracts to prevent falsehoods within academic circles.
According to Dr. Broggi, the Woolf development team is currently pursuing full degree granting powers in the European Union and it has fortunately been granted a clear conduit to full certification in at least two authorities within the EU.
Using Blockchain Technology
He further asserts that the Woolf development will make use of blockchain technology to implement regulatory acquiescence and offer quality degrees of data security. This will go a long way in enabling regulators to have the assurance to offer world class learning programs with certification in the EU.
The development’s pioneer institution, Ambrose, is supposed to be launched later in 2018, with the proposed fees being pegged at $400 per tutorial. This culminates into about $19,200 annually. This project is a kind of ‘Airbnb of degree courses’ for learners, due to the fact that it is decentralized democratic and non-profit in its activities.
In order for a student to complete the entire course, blockchain is the main technology being emphasized. It is the prescribed stability required for a student to go through the entire process of studying. An entirely pre-mined WOOLF token will be utilized for various functions like faculty compensation, the institutions’ budgetary needs as well as development of projects in the institution.