A team of professors and researchers from Oxford University are working together to establish the worlds first Blockchain University. The team are fully set on ensuring that this new idea can become a real-world educational institution and already, the team are seeking degree-granting powers from regulators within the European Union.
Should these powers be granted, the Blockchain University, established through Woolf Development, will become a recognised academic institution which in turn will be able to grant degree level awards to students who study there.
The team is headed up by Joshua Broggi, the founder of Woolf Development. According to Finance Magnates, Broggi has said, the University will be like “Uber for Students and Airbnb for Academics”, overall, Broggi expects that tutors who are willing to teach through the blockchain concept could earn somewhere between $50,000 and $100,000 just through teaching their subject.
According to Finance Magnates, Broggi has said:
“Our blockchain-enforced accreditation processes are such that teachers and students from outside the EU can join our platform and earn a full EU degree – a non-EU student with a non-EU teacher in a non-EU language. The ultimate aim of the project is to be a driver of job opportunities and security for academics, as well as a low-cost alternative for students.”
See the full report by Finance Magnates for yourself, here-
How will the University work?
By utilising blockchain technology, the University will run on smart contracts that are aimed to make education more transparent and more democratic. Within the University, distributed ledger technology (DLT) will be used to ensure data governance and security and moreover, the blockchain will be used to replicate standard university practices, reducing the need for staff, therefore, there’s a more direct link between the student and the teacher.
Moreover, according to Finance Magnates:
“Blockchain’s immutability will also provide a platform for outside sources to check whether or not an individual has been granted a degree from the university. This could prevent individuals from falsely claiming that they received a degree from an institution; this could also protect individuals whose universities may have shut down.”
Other implications include a management system within the blockchain that could account for all sorts of data, including student fee payments, transcript records and could even help to communicate credits between other institutions, making it easy for students to move from one University to the Blockchain University and vice versa.
Above all, this is another real-world application for blockchain technology, a technology that promises to change much more than the financial system, as you can see, it has real implications for the education sector too.