A group of Oxford’s researchers announced that they are starting a blockchain university, where the blockchain technology is going to provide a system of one-to-one education that will prove cheaper for students and pay more for teachers.
Removing the Middlemen to Lower the Prices
The main benefit of the new university for students will be a lower cost than average, which results from the use of the blockchain to remove the middle-men involved in academia, including regulators and administrative teams.
The new institution, named Woolf University, will cost $19,200 per year.
Compared to many universities throughout the world, this cost may seem high, but it will be over $10,000 lower than the average private university’s tuition, of $32,400.
The new school is hoping to provide world-class teachers by offering competitive salaries and benefits.
“Woolf’s blockchain is designed to cut out the middle layer of bureaucracy between the classroom and the regulator,” Joshua Broggi, the founder of Woolf University and a researcher at the University of Oxford, said to the ABC News before declaring that their platform is designed to offer students and teachers “uncompromised ownership of their personal data.”
Woolf University to Find a Home in Malta?
It is already well known that Malta is one of the most cryptocurrency and blockchain friendly countries, and therefore, it was natural for the Woolf University too, reportedly, seek its home ground in the Mediterranean island state.
Wherever it settles, the new educational institution is expected to offer two types of courses.
Online, for those unable to regularly attend, and on campus, to reach the maximum number of students.
Planned ICO Was Cancelled due to Regulatory Uncertainties
Reportedly, the team initially planned on conducting an ICO fundraising campaign, but they eventually withdrew their plans due to regulatory concerns about the overall legal status of ICO products.
As Always, There are Sceptics
However brilliant the idea may seem to an average blockchain enthusiast, there are those who disagree with the basic principles of the project.
“At a fundamental level, the project misunderstands what a university education is about,” stated Michele Finck, the author of “Blockchain Regulation and Governance in Europe.”
“There surely is the educational element in a strict sense but, more broadly, it’s also about learning a range of soft skills and being part of a real-world community that supports, stimulates and challenges you in your way into adulthood,” she deduced.
Furthermore, Finck added that the economic calculation of the project was uncertain at best.
“Tuition costs are $19,200 a year, and it’s really not clear to me what blockchain would add to education,” she concluded.
The Growing Interest
However it may be, the new system and competitive pay have, reportedly, caught the attention of professors from major universities, including University of Oxford, Cambridge University, and King’s College London, among others.
As the Woolf University’s opening is scheduled for the first semester of the next school year, we can only wait and see if it lures in enough interest to make it a success.