An Oxford research fellow, Joshua Broggi is looking to open the world’s first blockchain University, in Malta.
A co-founder of Woolf University, Broggi and three other directors have announced plans to open a blockchain-powered university on the island. The university will run on a completely blockchain-based system in an effort to save on operating costs and to increase efficiency by automating all administrative procedures. This is in addition to the fact that the immutable and trustworthy nature of the technology means that all degrees earned from the university will be secure and validated on the blockchain.
“We use a blockchain to create efficiencies by managing custodianship of student tuition, enforcing regulatory compliance for accreditation, and automation a number of processes,” Broggi told Forbes in an interview.
The university will offer a range of courses both online and on-site and its structure is designed to encourage earning anywhere in the world, via tailor-made tutorials. Both students and teachers will be able to “check in” to a lesson which will trigger a series of smart contracts which will validate activities such as attendance and the completion of assignments whilst also paying the tutor for their time.
Students will also receive micro-credits for completing certain tasks and these credits will be able to be used towards paying for their course.
Blockchain technology is already being used in a number of universities for recording and authenticating degree certificates it has also caught the attention of various universities such as the University of Oxford, Cambridge University, and Kings College London.
The original plan was to gain funding for the project through means of an ICO, but Woolf announced that they have received enough private funding to be able to negate this step.
Broggi and his team aim to open a total of five colleges but due to Malta’s reputation as the “blockchain island”, it was an obvious first choice.
Malta’s Prime Minister Joseph Muscat said in a statement:
“As an island country, Malta has a long tradition of looking beyond its own borders, and Malta is now developing a robust regulatory framework for distributed ledger technology. Both the educational policies and the blockchain policies are supportive of Woolf’s aims and we look forward to continued work with Malta as they become ‘the blockchain island.’”
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