Professors from the world renowned University of Oxford had asked from the European Union to allow to create the world’s first blockchain university.
The Woolf project led by Joshua Broggi from the Faculty of Philosophy at Oxford who says that the blockchain technology and smart contracts can help the democratization of the traditional structure in higher education.
This university has plans to use the traditional Oxbridge course structure in a way that there will be individual tutorial modules that will be available to students offline and online.
The university’s whitepaper is suggesting that with the help of the blockchain, many of the known problems in universities throughout the world like high tuition fees, bloating bureaucracy and administration cost, unpaid teaching posts will be addressed.
Also the immutability of the blockchain can help with fraud detection from students who will try to falsify their academic records. So with the use of smart contracts automating the student’s attendance, credits and academic paper submissions this will be also addressed.
Dr. Broggi has said that they have been offered “a clear pathway to full accreditation in two European Jurisdictions,” while also commenting:
“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.”
The first college, Ambrose is set to launch in fall 2018. The proposed fees have been set to 400 dollars per tutorial and 19,200 dollars per year before scholarships.
A pre-mined ERC20-complient WOOLF token will be used for faculty compensation, university budget, project developments and voting on the governance of the platform.