The world's first university may soon open in Malta, the administration system of which is entirely built on blockchain. According to a Medium report on August 24, 2018, some scientists from the world's top educational institutions have already signed contracts with the university.
The brainchild of Oxford University researcher Joshua Broggi, Woolf University may become the world's first blockchain university. It will not be an online university; instead, all administrative procedures will be automated using blockchain. Working with distributed ledger technology will help the university ensure the security of students' academic degrees. The technology will make it possible to create a number of smart contracts that will track attendance and academic performance. According to Lovinmalta.com, the university will pay teachers in tokens, as well as provide microloans to students.
“We will use blockchain to better monitor student tuition payments, comply with regulatory requirements for accreditation, and automate a range of processes. Students from outside the EU will be able to join our platform and receive a full degree in the EU - they will be given the opportunity to study with a non-EU teacher in their native language,” - Broggi told Forbes.
It is not surprising that projects such as the blockchain university organize their activities in Malta - a country where most of the largest cryptocurrency exchanges are moving, and whose government is promoting laws supporting ICOs.
The university plans to open branches in other countries, and its founders chose Malta as a starting point. In the first phase, five separate colleges will be created, after which the founders of the university plan to attract scientists with doctoral degrees from the top 200 universities in the world. The university currently employs a number of qualified professors and teachers, most of whom have transferred from the University of Oxford. However, the teaching staff also includes scientists from the University of Cambridge, George Mason University, King's College London, Leipzig University and Kyoto University..
The university was originally planned to receive funding through a public ICO, but has now received enough private investment that there is no need for a coin offering.
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