Incorporation of Blockchain in WordPress
Bitcoin was introduced in 2009 by Satoshi Nakamoto and since then has surpassed ordinary standards. It was intended to give people control over their finances and make transactions without third-party interference. The receipt for these transactions needed to be documented and well-protected. Blockchain technology which was developed the year before was used to fulfill this need.
In 2011, Litecoin was introduced, and since then, over 13,000 cryptocurrencies have been introduced to the cryptocurrency market. All transactions in this market are now documented and protected by computers from all around the world. The bits of information in these computers are called blocks, and the network is blockchain.
After over a decade, blockchain technology is now being used in different sectors. Other than being used to buy XRP or Ethereum, blockchain technology has been adopted in sectors like healthcare, business, etc. This success lies largely in the fact that the blockchain promotes transparency between different parties. WordPress, a free-to-use content management system (CMS), also uses blockchain, but how and for what?
What Is Blockchain Technology and How Does It Operate?
Blockchain can be likened to a physical ledger with a digital expression. This ledger is used to record details of any transactions that happen on it. One fascinating feature of the blockchain is that no one can tamper with the details of its stores' transactions. It is a secured system, and more impressively, information is stored chronologically, making it easy to trace.
Blockchain technology is a decentralized system meaning it has no centralized body that regulates or governs its affairs. There is no head office or central storage unit in the blockchain. All pieces of information within this network are called blocks, and they are scattered throughout the system.
The bits of information stored in the blockchain are linked with each other. This means that if someone tries to tamper with information, it will affect another. Hence, it is impossible to alter any data unless you can alter the whole blockchain - which is practically impossible.
What Are Practical Ways Blockchain Technology Can Be Used?
Since it was developed, blockchain technology has been used to serve many purposes, and some of them include;
Cryptocurrency transactions
Blockchain was first used in 2009 after Bitcoin was created. Since then, it has been used to manage other cryptocurrencies like Ethereum, Litecoin, XRP, etc. There are thousands of cryptocurrencies being managed on the blockchain, and these currencies are digital assets.
You can buy XRP, LTC, ETH, and other digital currencies and have your transactions recorded on the blockchain. The value of these currencies rises and drops based on their level of security and the number of people investing in them. Also, it is not controlled by banks or the government so that everyone can take charge of their finances.
Cloud Storage
Other than being used for cryptocurrency, blockchain can also be used as cloud storage. It helps web developers to create a secure space for them while reducing the file space on their devices.
Security of Information
Some companies use the blockchain to store your information to protect yourself from hackers. This gives you a safer way to access your information.
Smart Contracts
A company can create a contract with its client or staff using the blockchain. The documents of this contract are kept in the blockchain, and they are secured forever.
Simplifying the Basics of WordPress for a Beginner
When it comes to creating websites, WordPress is one of the most popular and preferable options available. The platform allows you to develop your website for free with several plug-ins available at no cost. Not only is WordPress used for website development, but the platform is also used to develop e-commerce sites. Some of the factors of WordPress that makes it a popular choice are;
It is free to use, allowing you to upgrade subsequently to paid plans.
It is easy for an admin to make use of the platform.
You can access the platform in different languages.
Benefits of Blockchain Technology in WordPress
For a very popular content management software like WordPress, it is harder to secure your site. This is because of the large number of people using the platform. Many of these users do not understand the security risks and refuse to take the necessary measures to secure their websites.
This security issue is even more detrimental for e-commerce websites. If you own an e-commerce website, you will surely value your customers' data and protect it at all costs. Also, your financial details could be at risk if not properly secured.
You can use payment gateway providers and move transactions to websites for security. However, with the incorporation of blockchain into WordPress, some of the possibilities can be achieved.
Security of transactions and information
With blockchain incorporated into WordPress, you can receive payment for goods and services in cryptocurrency. Banks and payment gateway services can be hacked easily but not the blockchain network. You can link your wallet to your WordPress website and receive Bitcoin, XRP, and other cryptocurrency assets.
Your customer data can also be exposed during a traditional transaction, and that can put your company's name at risk. Blockchain offers protection for you and your customers. The encryption layer in the blockchain network is so hard to crack. Breaking into the network is already an impossibility; another impossibility will be tampering with the record in the digital ledger.
Cost-effectiveness
When you receive money through payment gateway services, gateway charges are deducted. These charges can be avoided by using blockchain for transactions. Although certain fees will be deducted when you want to make transactions with XRP, BTC, or any other cryptocurrency, these charges are relatively low when compared with the price that payment gateway services charge.
There are content monetization services like Adsense that display ads on sites that are monetized. These services require a charge from time to time. However, with blockchain, there will no longer be a need for a third-party monetization service.
Transaction Speed
The speed of the transaction in the cryptocurrency market is second to none. Traditionally, you will have to wait for hours or days before payment can reflect in your account. Sometimes, it could be your bank taking forever to process a payment.
Thanks to the incorporation of blockchain with WordPress, you can receive payment in minutes. Blockdata revealed that blockchain transactions are faster and cheaper than traditional transactions by 388 and 127 times, respectively.
Now, you don't have to be worried that your bank is yet to process a transaction. This financial liberty is one of the major advantages of the cryptocurrency market. You can track and take control of your money when it comes in and leaves your wallet.
Worldwide Payment
Geo-restrictions are problems of receiving payments using banks or payment gateway services. These services do not accept payment from certain locations. If you have customers from these locations, you cannot offer your services or products to them.
The good news is that blockchain is available, and cryptocurrencies are accepted in almost all countries globally. For websites that have a global audience, blockchain helps you to reach your audience.
Cryptocurrency Rates
The value of any cryptocurrency is always fluctuating based on players' activities in the market. One day it is blowing out of the roof, and another day it is taking a nosedive. You can monitor the value of any cryptocurrency and make profits from it.
For example, if you buy XRP when the value is low, you can increase your profit when the value of XRP increases. This is impossible with banks as the value of hard currencies takes a very long time to appreciate or depreciate.
Identity Management
A large number of people are making use of WordPress. As much as the company tries to protect its users' data, it is hard to verify their identity. Hackers can easily steal passwords and gain access to a person's website.
The security system on the blockchain is quite different. You can protect your WordPress account with the blockchain and prevent it from being hacked or cracked. The Keyless Signature Infrastructure is used to build an identification system. This system can shield you and your data from any form of cyber attack.
Secured Storage
When you develop a website on WordPress, you will have to purchase a server space to store your site data. Sometimes, you might need to use a third-party storage service like Dropbox or AWS.
While this method has been adopted as a safe means of cloud storage, security breaches are possible. However, blockchain offers cloud space and protection for this space. No one can gain access to these files except they get the right permission.
Comprehensive Feedback
Many WordPress users want to receive feedback after a transaction with a customer. You might also want to conduct polls, surveys, quizzes, and so on. Blockchain allows you to perform all of these activities.
Also, the identity of the participants can remain anonymous. The anonymity will encourage participants to be honest, and you will get better feedback.
Blockchain integrated with WordPress presents a lot of advantages for all WordPress users. Blockchain technology has shown that it can change CMS platforms and the digital world in general.