WordPress, which powers 35% of the most popular 1 million web pages, has benefited immensely from blockchain technology. It is especially true for businesses that deal with cryptocurrency transactions.
There are numerous WordPress plugins, such as Coinbase, that let site owners accept payments via Bitcoin and cryptocurrency, and it is made possible because of Blockchain.
But what exactly is blockchain?
The blockchain, perhaps most popularly known as the technology behind cryptocurrencies like Bitcoin, is gaining momentum among enterprises and businesses. You may have heard of it, but it’s still not very well understood.
Blockchain is a decentralized digital ledger for transactions between two parties.
It’s an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Each block has several transactions. Each time a new transaction takes place on the blockchain, a transaction record is added to each ledger of the participants.
There are no middlemen. Blockchain, thus, acts as a business asset by offering features including decentralization, immutability, transparency, and security.
Now, let’s look at the several ways in which blockchain has impacted WordPress plugin development.
How blockchain has impacted WordPress plugin development
1. Swifter payments
The problem with online business is that you are often required to deal with third parties when accepting and processing payments from users on their WordPress websites. You must have experienced this if you are selling digital goods like software.
Blockchain technology eliminates the need for intermediaries in the payment process. It allows digital publishers to gain customers from worldwide as not all states support all payment solutions.
Plugins, such as Digital Paybox, support the sale of digital products and services.
The customers can choose the payment portal of their liking. You can even set minimum rates, and customers can choose the Donate option.
2. Accept payments from everywhere
For WordPress e-commerce website owners, there are certain restrictions concerning payment acceptance from specific locations. Bitcoin eliminates this problem as it is a global digital currency. By implementing a blockchain-based Bitcoin acceptance plugin, you will be able to do business with customers worldwide.
3. Secured data storage
If you have a huge WordPress site, most likely, you are using cloud storage to store your data. This increases your site’s scalability. However, if you are using Drupal and are not satisfied with it, you use Drupal to WordPress migration services.
When you integrate Blockchain with WordPress, you will create encrypted storage solutions that work decentralized.
By encrypting the data, you are adding an extra layer of security to the content. Moreover, as it is decentralized, no single entity can claim control over your data.
Plus, Blockchain-based storage solutions are more cost-effective than conventional hosting providers.
4. Enhanced security
Apart from business data encryption, Blockchain technology helps businesses encrypt the login information and other sensitive data, thus strengthening the site’s overall security.
Blockchain-enabled smart ID management can prevent brute force attacks and identity theft. And since not all data is stored in one server under the same admin, it lessens the chance of one faulty script at the server compromising everything.
Because WordPress websites get attacked nearly 90,000 times per minute and 3,972 known WordPress security vulnerabilities, enhancing your WordPress site using blockchain technology can be an ideal move.
Thus, you won’t be required to pay a fixed intermediary fee. In addition, if you accept Bitcoin payments via your WordPress site, blockchain will aid you in cutting off gateway charges.
You can save a large sum of money on transactions as Bitcoin payments fees are lower than PayPal or Stripe fees.
5. Monetize WordPress content
Blockchain has replaced the need for Word Ads and Adsense to monetize your content. You don’t need those to define the algorithm that operates the servers and manages payments. With blockchain-based content monetization services, there is no need for a third-party platform.
Blockchain has also greatly improved content accountability and quality. For instance, a digital, decentralized public ledger lets you track the content ownership and date. You can thus fight piracy and plagiarism online.
Now, you can even add a clap button to a blog post or other content types. This blockchain system ensures high-quality content creation while making it possible to compensate its creators. Different factors are considered, such as page views, likes, and shares in the process.
Content creators can even receive less than a cent as a substitute for a like on social media channels. This type of monetization has been made possible because of microtransactions.
6. More freedom to publishing
Since WordPress is an open-source platform, content creators, editors, and publishers already have the freedom to host and own their content. Therefore, they don’t have the concern of their content getting deleted by WP.org.
Smart contracts are one of the best advantages offered by blockchain technology to publishers. It allows publishers to connect with content creators directly without any third-party intervention. Creators can thus keep their digital work safe. Smart contracts also help track operations and transactions instantaneously, allowing creators and publishers to get paid without delay or professional misconduct.
For instance, WordProof Timestamp, a WordPress blockchain-based plugin, allows you to add a timestamp to your content and pages. Thus, it gives you ownership while showing transparency.
Likewise, blockchain technology also lets you secure your code and other intellectual property.
Blockchain and smart contracts thus ease content submitting and payments.
7. High-quality feedback
Feedback from customers can help businesses grow and improve. And implementing blockchain allows web admins to gain better feedback.
Blockchain will allow you to conduct different quizzes, polls, and surveys. As a result, they will increase involvement and fetch more accurate responses. Plus, if necessary, it can maintain the anonymity of your users’ identities.
For instance, WooCommerce, a WordPress e-commerce plugin, offers a great solution to ensure authentic reviews. In addition, a blockchain-based plugin, Rebusify Confidence System, provides that all appraisals are unchangeable and posted by actual customers.
Blockchain-based plugins and widgets are bringing the power of automation, improved data security, and seamless transaction to WordPress websites. And things are only going to get better. Implementing blockchain technology can scale your business and bring the desired security if you are a WordPress website owner.