Are you a student looking for a university, and you are also a big fan of cryptocurrency and blockchain technology? Well, the great news is there will soon be a university that will be all about the blockchain, AND in essence will be powered by blockchain technology. What’s more, while it is based in Malta, it will provide you with tutors wherever you might be.
Welcome to Woolf University, Malta, the world’s first and possibly only blockchain-based university. That’s the dream of a passionate young man named Joshua Broggi, whose plan is for Woolf University to be entirely powered by blockchain technology. Broggi’s wants Woolf University to use blockchain technology to save on administrative costs, guarantee the security of the degrees earned there, and increase the overall attendance hours maintained by Woolf’s students.
While Woolf University will not initially be an online university, the plan is to eventually implement on-site and online teaching. Such options would provide students with personalized tutorials and a unique learning experience.
Who’s Idea Is Woolf’s Blockchain University?
The blockchain university is the brainchild of a former University of Oxford researcher named Dr Joshua Broggi. Woolf University, while itself based in Malta, will in fact be the first university based on blockchain technology in the world, and will therefore be able to reach out to students across the globe and provide them with first class, personal tutors. As Broggi himself says:
“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).”
Who Is Joshua Broggi?
Dr Joshua Broggi is an academic at the Faculty of Philosophy of the University of Oxford. Broggi is also a member of Oxford’s ruling congregation, and with the help of his colleagues, Broggi founded Woolf University, and wrote its white paper. As the director of Woolf University, Broggi hopes “Woolf” will be the first fully accredited university without borders, that will use blockchain technology to enforce standards, eliminate bureaucracy and protect financial and personal data.
Malta: Crypto Island
To many in the cryptocurrency industry, Malta is rapidly becoming known as Blockchain Island, or Crypto Island, and for good reason; The Maltese government have always been highly supportive of the blockchain and cryptocurrency industries, andgone out of their way to make such companies feel at home. A prime example is the Chinese cryptocurrency exchange platform Binance, one of the largest such platforms in the world.
Binance was forced to flee China when the government there issued an immediate ban on crypto-exchanges in September 2017. Binance moved first to Japan, then to Taiwan, but felt they were not welcome in either location, possibly based off the fact that they would likely take over crypto traffic in those areas. Finally, Malta reached out and invited Binance to come and check their facilities out, and the rest is history. The people at Binance LOVE Malta, and don’t plan on going anywhere soon.
However, it’s not just their welcoming nature that has earned Malta the title of Crypto Island, it’s now part of their official legislature.
In July 2018, the Parliament of Malta passed three bills into law that set out to create a regulatory framework specifically for blockchain technology. The three bills were the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
Silvio Schembri (pictured), the Junior Minister for Financial Services, Digital Economy and Innovation with the Office of the Prime Minister of Malta, summed up the significance of the passing of the bills perfectly, when, while noting that the island nation is a pioneer in providing a solid legal framework for blockchain companies, he tweeted:
“The three Bills that will regulate distributed ledger technology (DLT) have been approved by Parliament and enacted into law. Malta therefore becomes the first world jurisdiction to provide legal certainty to this space!”
Schembri also acknowledged that the move taken by the Maltese Parliament would put investors’ from the blockchain and crypto industries at ease, as such investors now have the complete legal backing to operate in a regulated environment. Schembri is confident that many companies will now choose Malta as their base of operations, as the republic now offers a stable system that will result in further economic growth.
Dr. Jean-Philippe Chetcuti of Maltese law firm Chetcuti Cauchi Advocates summed things up perfectly when he described the new legislation as:
“A momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the ‘blockchain island.’ “