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The Impact of Blockchain on WordPress Plugin Development

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In general, WordPress security is creating a buzz in this digital era where it is no surprise that the developers can find other uses for encryption. You might have heard about the increasing popularity of the bitcoin which has created a keen interest for Blockchain technology in present times. It is vital to understand that blockchain is not confined to cryptocurrency transactions as it also provides business opportunities by exploring the technology first before gaining any practical results.

With the blockchain and bitcoin getting on heads of the people, it is crucial to think does this form of encryption gets placed in WordPress? Is it worth to look into the reality where only a few customers are translating when opting for cryptocurrency payment method?

Why is Blockchain poised to change the Era?

Blockchain technology is said to be developed by Satoshi Nakamoto in the year 2008 and it was placed in practice in the year 2019 as the core element of the new cryptocurrency Bitcoin. Cryptocurrencies are nothing more than a highly encrypted digital currency which exists on a blockchain.

A blockchain is a decentralized digital ledger which helps you to record transactions in a chronology in the form of blocks that adds to the chain where each transaction is being recorded. Every individual transaction is getting automatically updated with each node connected to the blockchain network in the absence of central authority.

Moreover, in this peer-to-peer network, the role of third-party intermediaries gets eliminated and serves blockchain as a business asset by providing features like decentralization, transparency, immutability, and security.

The Impact of Blockchain on WordPress Plugin Development
How can Blockchain revolutionize your WordPress site?

We all are aware of the popularity of WordPress in this digital world. Moreover, it is considered as the most acclaimed platform for having a customized WordPress development. Let us look at some variant features where you can apply blockchain to your WordPress.

Read More: Increasing Your Profits with Bitcoin Affiliate Programs

●        Identifies Verification and Manages the Site

It can be a huge challenge when coming to online verification because of the weaken username and passcode model which are easy to stole or crack for getting hacked into. There are different new blockchains developed for encryption of personal data to let the users share their data actively. It can be utilized to login apps, identity verification and share personal data securely with the service providers or colleagues if needed. This leads to site management without much hassle and you can be set free from any cyber-attacks.

●        Monetization of Content

Spending a whole pool of money against the content creators has been based on an algorithm that takes into account the page views, likes and other engagement factors which can be a good idea. Applying that to more than a single site can be distributed into more challenging networks as no one has yet figured out what does the algorithm should be applied and where does the sum of money come from.

Gone are the days where you need to take help of WordAds and AdSense for obtaining content monetization services from a centrally trusted entity to define the algorithm that operates the servers and handles payments. When we talk of the design, blockchain is by far the distributed and most trustless because a blockchain-based content monetization service does not require a single trusted entity at the center. The system governance needs to be designed in a way that the algorithm was optimized for all stakeholders and the potential to remove selling ads should become exciting as it is forms content monetization in a wholly or partial way.

Read More: Delivering on the Promise of Data with Embedded Analytics

●        High-Security file storage

In present times, we store the files and media library on the same server that is running on the WordPress on or offload that to a service like Dropbox or Amazon s3. This can be identified as a smart strategy for scaling WordPress as services like s3 and similar are huge and requires distribution of the app processing across multiple services to a performance gain.

The decentralized cloud storage is rapidly emerging as services like Storj and Filecoin allows the users to sell unused or extra space in their network for tokens that can be exchanged for storage or other currencies be it eros or bitcoins or many more. Addition to this, you can also buy their tokens for file network in exchange. The data which is stored in decentralized networks is encrypted so that it can be read only by the owner. Such a feature is stored for increased reliability redundantly and it is already cheaper than s3.

Best Cryptocurrency WordPress Plugins and Widgets

●        Coinbase

If you are running an e-commerce store then here you can add a payment method with the help of Coinbase as it is now also accepting cryptocurrencies. There are two things that you need to make happen before making use of this plugin. First, you need to have a Coinbase commerce account and second, you need to install the Coinbase plugin for WooCommcerce on your e-commerce page.

●        Cryptocurrency Widgets Pro

You can easily create a cryptocurrency website with the help of this plugin with your dedicated theme as you can take things up to an entirely new level by using various cryptocurrency WordPress plugins. This plugin provides a set of amenities that will get you going in no longer time. When it comes to multiple widgets for displaying real-time updates, live prices and much more.

●        Tradex

For all of the traders who want to create their own trading platform with WordPress then this tool is definitely for you as anyone can create a professional cryptocurrency trading platform without hiring any programmer. The platform supports over altcoins with a straight feature of buying and selling. The entire process is fully automated, secured as the transactions are executed instantly. It also updates the information of altcoins automatically and supports eight other payment methods.

Summing Up!

Here, we are at the end of the article. Hope you have got to know the benefits of blockchain technology for the WordPress website. We have also attached plugins and widgets to help you add-on the features on your website. Keep Learning!

Read More: Facebook Shoots Down ‘Innovation’ Chaos with a New CryptoCurrency Platform ‘Calibra’

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