The world might see the first blockchain-based university later this year.
A group of researchers from Oxford is hoping to “open the doors” to Woolf University – an academic institution which would be based entirely on blockchain – later this year.
The major pull-factor for university students would be the fees, which would lower than the average university owing to the fact that there would be no “middle-men” that feature in regular academic establishments. This includes regulators and administrative teams.
According to a report by ABC News, the fees for one year at Woolf University would be around $19,200 USD. The team is hoping that this will provide students with teaching from world-class professors. ABC’s report explains that the tuition might seem high in comparison to other universities, it is over $10,000 USD less per year than the average private university’s fees.
It has been suggested that the university will be located in Malta, a country which is known to have open arms to blockchain technology. The Prime Minister, Joseph Muscat, recently spoke about the power that could be harnessed in the technology to eradicate world problems. Woolf University will offer both online and courses on the Malta-based campus.
The founder of Woolf University Joshua Broggi spoke about the innovative institution, saying:
“Woolf’s blockchain is designed to cut out the middle layer of bureaucracy between the classroom and the regulator. The platform is designed to offer students and teachers uncompromised ownership of their personal data.”
He also professed hope, not only in Woolf University but in the concept of blockchain-based education:
“I very much hope it is the future of education. Woolf aims to solve two big problems in higher education: adjunct teaching and student access.”