A group of Oxford professors have revealed that they will soon be unveiling Decentralized University- the first Blockchain-based university around the globe. Joshua Broggi from the Faculty of Philosophy at Oxford was the one leading a team of academics behind Woolf Development. These academics outlined that the smart contracts and blockchain tech had the capacity to democratize the traditional structure of higher education.
Woolf’s whitepaper and what its stipulations
Woolf’s whitepaper pulls along with a clause indicating that a blockchain-powered university was capable to addressing a number of issues universities from around the globe had been facing for over quite a long period of time. Such issues range from underpaid academic teaching posts, administration costs, cumbersome bureaucracy and very high tuition fees for students.
If all moves according to plan, it is expected that the proposed “blockchain university” will be adopting the traditional Oxbridge collegiate and course structure by paying special focus on particular tutorial-led modules.
Students will be accessing these modules either on- or offline. A person well conversant with the matter has revealed that the project’s design will be “geographically agnostic.”In other words, it will be paying a major priority to the “borderless” academic community over the national or local ties.
Dr. Broggi ’s perspective
Dr. Broggi while addressing a number of journalists said that Woolf was at the moment pushing for full degree-granting powers in the EU. It is a matter that is attracting quite a huge deal of attention from a lot of people globally and the interesting bit is that there is already a clear pathway to full accreditation in two European jurisdictions.
He is in support of the move to use blockchain in the enforcement of the regulatory compliance as well as in the provision of the high degrees of data security. According to him, the whole matter revolves around imparting regulators with the confidence that they need in order to support teaching activities around the world with accreditation from Europe.
As per this moment, blockchain has already had a significant impact. There are already universities in place offering smart contract, blockchain and cryptocurrency courses. Cambridge University is one of the few institutions that have conducted an in-depth research into the crypto-finance field.