Malta is known as a crypto heaven and for good reason, as its government has since long been supportive of all things cryptocurrency-related. What’s more, Malta may soon have the world’s first blockchain-powered university.
The idea behind the project comes from Joshua Broggi, one of the founders of Woolf University and a researcher at Oxford University. By working exclusively with blockchain technology, the university in question should, at least in theory, be a lot more cost efficient when it comes to administrative procedures.
The information comes courtesy of the Lovin Malta local news outlet, for which Broggi declared:
“Malta provides an educational framework based in the British tradition – and after Brexit, Malta will remain both an EU member state and a Commonwealth member. We have had productive meetings with [Education Minister] Evarist Bartolo and the National Commission for Further and Higher Education (NCFHE).”
Since the design of blockchain boasts immutability, this will ensure a greater sense of security and transparency. Not only that, but the university will also implement on-site, online teaching, meaning that students will benefit from personalized tutorials and lessons. Interestingly, the teachers will be paid in tokens.
“We use a blockchain to create efficiencies by managing custodianship of student tuition, enforcing regulatory compliance for accreditation, and automation a number of processes,“ said Broggi.
Malta, once more at the forefront of crypto innovation
Initially, the plan to finance the Woolf University included an ICO, but the idea captured the interest of various investors. Hence, the university received the necessary funding without actually having to do the ICO. The founder also said that both students and teachers would be required to check in. This process will be validated by a series of smart contracts.
The project has not gone by without catching the attention of various professors and lecturers from some of the best universities such as Cambridge University, George Mason University, Kyoto University, King’s College, London, and Leipzig University.
If the Woolf University proves itself to be successful, then we can very well expect similar institutions to be created all over the world.