Blockchain is a groundbreaking technology with applications in various fields, such as finance, supply chain management, and cybersecurity. In a blockchain, the data is encrypted and stored on third-party servers, making it highly secure and verifiable, a trait that has put blockchain at the center of numerous developments.
One of the most popular applications of blockchain is Bitcoin, a cryptocurrency launched in 2009. It’s now the largest decentralized ledger for cryptocurrency transfer, with a market capitalization of $117.8 billion in 2020. There are many other cryptocurrencies using blockchain to a point where a lot of people use both terms as synonyms even when they aren’t.
Blockchain has also affected website development. There are many open-source tools available for WordPress blockchain development. For example, Plugins such as GoURL and Cryptocurrency All in one allow you to transfer cryptocurrency. Filecoin helps you access blockchain storage facilities. Websites made through blockchain have many different advantages such as quick transactions, reliability, reduced costs for business, and, most importantly, transparency.
Plugins like these help to grow businesses and rapidly develop the required infrastructure stack. To implement them, you need to hire web developers who know about blockchain. Most companies hire dedicated software development teams who have prior blockchain experience to execute these plans and to leverage this technology on their own websites.
But what does that mean for you? How can blockchain change your website development efforts? Read on to find out.
Monetizing content
Many companies try to secure a top spot for their content on search engines to acquire maximum views. Right now, only Google and Facebook have a monopoly over ads. But with blockchain, this problem can be countered as the users will have access to their own publishing services. Through this, the content algorithm can be set so that all types of content creators can optimize it. The website would be able to display its content democratically.
Also, Google and Facebook Adsense require a defined authority for monetization. Blockchain-based content monetization doesn’t require these kinds of middlemen, as it works without a central authority. Blockchain makes the whole process less confusing and increases visibility. Through this, content creators can optimally monetize their content rights.
Storage
Since most WordPress websites store files on the main server, they run the risk of a data breach. And even if you store some data on the website, most of your data is offloaded to file-sharing platforms like Dropbox. This process is risky since the data is shared with third-party vendors. Those vendors might not have adequate security standards, or they might not have required data compliances. Even if they do, data transfer through an insecure network is dangerous.
Through blockchain, you can store data in an encrypted format, so that only you can understand it. That creates an extra layer of security for your data.
You can also sell the unused space on your network. That way, you can get some tokens that you can use to buy other features/upgrades for your website. Some companies that provide this are filecoin and Sia.
Identification
WordPress often can’t create a proper identification profile for visitors since its model of collecting data through usernames is old. You can easily create a better identification database for your customers through blockchain. You can also help to create a defense against password cracking through which most websites get hacked. It uses Keyless Signature infiltrate for maximum security.
You can also use encryption to protect your data. You can use it to log in through the app, website, or for data sharing.
Finance
Blockchain has truly disrupted the financial field, with offerings such as general ledger, cryptocurrency, and credit reporting. There are multiple financial projects that you can implement for your WordPress website. For example, you can incorporate a cryptocurrency portal for payment. A blockchain transaction is faster and more cost-effective than a normal one.
You can set up a cryptocurrency trading account on your website through Tradex. You can also accept payments from any geographical location. This is useful if you target customers in multiple countries. Additionally, you can create a conversion and monitoring portal for trading. Through this, you can use credit/debit cards for payment, have secure encrypted download links for payment gateways and X-sendfile support.
Others
Blockchain has other uses, too, such as smart contracts for business. These self-executing contracts remove the need for handwritten contracts and allow for trusted transactions between the two parties that are automatically enforced. You can also use blockchain for digital marketing and social media. There are social media platforms built upon blockchain that incorporate existing technology for P2P sharing. Steem is one such social media platform.
You can also use it to get feedback from customers. Blockchain will keep a central repository of accurate data for quizzes, surveys, and make sure that there is no tampering. It will also keep the participants anonymous by encrypting the ledger. For example, Follow my vote.
Conclusion
Businesses these days are rapidly implementing blockchain to solve their problems, so it’s only natural that it’s also changing how we use WordPress. Its features, such as secure encryption, decentralized database, and transparency, along with WordPress’s ease of use, make it a good addition to web development.
Blockchain has great potential. It can change established monopolies by brands such as Google and Facebook in terms of AdSense, turning content management to a more impartial model. It can trade cryptocurrency and store and encrypt data. Right now, blockchain is still in the starting phase. But if it keeps progressing like this, it will become the go-to solution for ledger management with better security and visibility than its competitors.
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Editorial Staff
