A team of researchers at Oxford are poising up to open a blockchain-based university named Woolf University. Furthermore, the classes will begin earliest by 2019. The team is making the efforts to come in terms with growing modern technology.
Decentralization is the concept behind blockchain which powers cryptocurrencies like Bitcoin (BTC) and digital asset tokens like TRON (TRX). Woolf University would be one of the first implementation of the concept to empower education.
About the University
The team urgest that the university would prove to be beneficial both to the students and the teachers. Furthermore, the blockchain technology that will empower the university will keep check on things, making them transparent. Furthermore, it will education much cheaper for students. Also, it will increase the pay to the professors and teachers immensely.
The univeristy stands out from the other of its kind, because of the technology that drives it. But, the most crucial point is the immensely low fees of their courses. The distributed ledger technology removes the need for administrator and regulators to maintain the data.
Joshua Broggi, the founder of Woolf University, stated this. “We use a blockchain to create efficiencies by managing custodianship of student tuition, enforcing regulatory compliance for accreditation, and automating a number of processes.”
Ambrose will be the first Oxford University College to adopt the operating technology. The digital versions of the Oxford Tutorials will be cost the student $400 per session. Broggi expects that due to efficient and economic model of the university, many other might come onboard too.
According to Broggi, the distributed ledger technology (DLT) that drives blockchain will help the education system become effective. Furthermore, it will help the education system become transparent, credible, economic and efficient. By removing, regulators and middlemen, cost and fees can be saved, while maintaining the credibility.
Woolf University will become the first university to fully use the technology to its zenith.