A new type of university is being built that will revolutionize education. Of course we are talking about a university based on a blockchain platform, one that is distributed and democratic. The proposal is being brought by Joshua Broggi from the Faculty of Philosophy of Oxford. He is the founder of Woolf Development, a blockchain startup that aims to take advantage of distributed accounting technology to eliminate higher education intermediaries, support decentralized governance structures and ensure data security.
Blockchain And Education: Advantages… and More Advantages
But how can blockchain technology contribute to university education? First, DLT can eliminate the risk of individuals claiming a degree from an institution from which they did not graduate. Also it can address the risk of a person obtaining a credential from a closing institution. Another benefit could be the efficiency of accumulating credit from multiple suppliers over time. And a fourth benefit is cost savings by automating a number of administrative procedures and reducing overheads.
Ambrose University will be the first one made from a blockchain platform. It is a program that has emerged from Oxford academics and is expected to be open to the public this autumn. The classes will consist of offering a digital version of the tutorials given at Oxford at $400 per session: this is less than half the cost of a traditional degree at the prestigious university.
One of the main purposes of Ambrose is that the accreditation processes reinforced by blockchain are such that teachers and students from outside the European Union (EU) can join the platform and obtain an EU degree.
It could be considered in the future that the new university should pursue an Initial Coin Offering (ICO), where the faculty could receive compensation in a Woof token. And those teachers who are more risk-averse may choose to receive payment in a stabilized Woolf equivalent of their own fiat currency.
It is estimated that teachers can earn between $50,000 and $100,000 with these projects by teaching online. Blockchain is offering the opportunity for this to be like an “Uber” for students and an “Airbnb” for academics.
Woolf Development and Ambrose are not the first project on Campus Adoption. The Open University and the University of Nicosia have been working with blockchain certificates. MIT Media Lab has been using Blockcerts to issue digital certificates since 2015.