A quality education is very hard to get today. A lot of universities are very expensive, and it takes decade-long planning in order to provide money for the college. Current situation surely can't provide a good foundation for the future.
Universities are one of the pillars of the western society. Born out of the middle age monasteries, universities have for centuries been a safe haven for scholars all across Europe. The basic structure of the university has not changed a lot through time, modern universities embraced modern technology but they did not essentially change themselves through it.
With the introduction of blockchain technology some great ideas emerged. One of those great ideas deals with changes in the educational system through blockchain.
Building the first Blockchain University
On April 3rd, an independent group of academics, mostly consisting of renowned Oxford professors published a whitepaper which examines the first blockchain powered university with its own native token.
University will be called Woolf and it will reimagine connection between students and teachers. It will rely on blockchain and smart contracts. Students will get something that the whitepaper describes as Airbnb of degree courses. On the other hand, the teachers will get democratic, non-profit, decentralized community.
Blockchain technology will be the foundation that is going to provide a contractual stability during a full course of study. With the blockchain, it will be possible to significantly reduce administrative cost and with that, new methods of education will be possible. A student can get personal courses from the teachers via Skype, and every student will organize courses to his or her likeness.
University will provide courses for people all across the world, one more benefit of the blockchain. It will be a “geographically agnostic” university, which means that the student will be able to go beyond their local horizons in order the get the best possible education.
Without all the administrative and bureaucratic complications Woolf University could focus on the education only, which should dramatically raise the quality of the courses. One of the goals of the Woolf is to seek accreditation through traditional legal pathways. In that way, this new university will be on the same legal level as its peers.
When you follow this project you get the sense that you really following something big. The educational system desperately needs innovation as it has become quite rusty over the many centuries without bigger changes.
We are witnessing some improvements in the field of education with platforms like Coursera, KhanAcademy, and edX, but these platforms lack strong legal backing in order for their degrees to compete with the likes of the other established world universities. Woolf project brings the idea of encompassing two very important things, accreditation, and high-quality courses. With them, Woolf could really stand out among its peers as it will become first fully functional blockchain-based university.
If everything goes to the plan, we might see other traditional universities switching to blockchain as it could really reduce costs of high-quality education. This could be a much-needed spark that will bring different educational outlook in the near future!
What do you think about the blockchain-based university? Is there a need for a change in an educational system?