Technology of blockchain no one is surprised, it is treated as a technological tool. A teacher at Oxford University, Joshua Broggy, opens the world’s first university on the blockchain. The Woolf project is designed to overcome the bureaucracy in education, to give the opportunity to learn from the best teachers from anywhere in the world.
Woolf is a full-fledged university, where will be possible to obtain a scientific degree. The creators are sure that the using of blockchain technology will make it possible to simplify and significantly reduce the cost of the processes adopted in ordinary universities, make payment and storage of student’s; data absolutely safe.
Courses at the University of Woolf consist of two parts personal consultations and lectures. A group of students will consist of no more than three or five people.
It is worth noting that the academic community around the world is skeptical about blockchain technology. The interest in blockchain at universities is limited to the safe keeping of information about graduates and their diplomas, and, of course, it’s better than nothing, but unlike an educational bureaucratic machine – Woolf will bring us new social ties.
Initially, Woolf used the technology of distributed registries of Ethereum, but it turned out to be slow and expensive. Now the combination of Hyperledger Fabric and Stellar is used, it’s much faster and more efficient. For example, 100,000 transactions on Stellar cost $ 0.1 and are executed in less than 4 seconds.
The Woolf platform operates on three levels:
- personal identification to account for points and ratings,
- smart contracts to administer the process,
- money transactions for payment.
One of the advantages of using blockade equipment is the fact that thanks to technology, the costs for maintaining special people who are responsible for various checks by the state are reduced, and there are many such checks.