Blockchain Transactions in WordPress: Mission (Im)Possible?

by Vipe Team in WordPress Development; Published on 13.03.2022

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One of the main reasons enterprise businesses opt for WordPress website development is the fact that the CMS offers undeniable security benefits. WordPress developers are no strangers to the topic of encryption. After all, encryption is an important component of any effective WordPress security strategy.

If you’re running a large-scale online business, you’re probably aware that lately security has become a more and more prominent concern for digital users. Since security is such a critical priority in web development, it’s no wonder that programmers are constantly finding new and innovative applications for encryption technology.

This brings us to the question: Can blockchain technology be successfully utilized for WordPress websites? Is the platform suitable for this type of encryption? Our WordPress agency for enterprise knows that you’re probably wondering whether blockchain transactions are a viable option if they are to be used only by a few clients per month who prefer cryptocurrency as a payment method.

“Blockchain” and “Bitcoin” are definitely buzzwords right now, so the many questions surrounding the topic are absolutely understandable. We can’t be 100% sure if blockchain will really prove itself to be the technology of the future. Nonetheless, as of now, it seems like the technology is here to stay. This means that it’s entirely up to you to ensure that your WordPress site is prepared to meet the demands of what the future brings.

The issue, according to our WordPress Agency for Development, is that, due to the unsteadiness of the industry, both consumers and companies are hesitant to adopt blockchain technology in WordPress. Of course, this reluctance is absolutely logical.

This is why, in today’s article, we’ll be talking about the things we DO know about blockchain and its undeniable benefits for WordPress. Let’s go and see what blockchain is all about and how it can benefit WordPress development for enterprise businesses!

Blockchain Technology Explained

First things first. To understand the advantages of blockchain for WordPress, you need to understand how the technology works.

Many people associate blockchain with Bitcoin and Bitcoin only. However, this encryption technology may be used for much more than simple payment processing. Find out more in the next few points!

Blockchain Technology: What It Is and How Does It Work

Our WordPress development agency will now split the term blockchain down to help you get a better understanding of the technology:

Block: A digital record, or ledger, that stores data on transactions is referred to as a “block”. Although these blocks were initially created to store financial data, their capabilities have since expanded and can be used for other things too.
Chain: As blocks are filled to capacity, a “chain” is formed. Using a hash function, each block is then linked to the next. According to this definition, a newly added block “contains a cryptographic hash of the preceding block, a timestamp, and transaction data”. As a result, changing any data once it’s been entered into the ledger is extremely hard. Our WordPress development company reminds you that you’d have to change the entire chain to do this.
Blockchain: Blockchain technology produces a database that can be used to store and transmit digital data.

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What differentiates blockchain from a regular database is the fact that the latter only allows you to create and change entries one at a time. Blockchain networks, on the other hand, are open to the public and do not rely on a single server. Thanks to their decentralization, anybody may use them to store and distribute data at the same time, wherever and at any time they wish.

Our enterprise WordPress agency wants you to consider the encryption aspect, as well. Even though all peer-to-peer transactions on a blockchain are visible to the public, they are all completely encrypted. This implies that while anybody can see that a transaction took place via the network, the private keys used to secure the transaction keep the contents of the operation private.

What Is the Purpose of Blockchain Technology?

Storytime. In 2008, an anonymous developer known as Satoshi Nakamoto created and distributed blockchain technology to the world. To this day, no one knows who’s the real person behind the name. In 2009, the technology was implemented as the primary component of the new cryptocurrency, known as Bitcoin.

Cryptocurrency

Our WordPress agency for enterprise reminds you that the most widely discussed application of blockchain technology is the creation and administration of cryptocurrencies such as Bitcoin.

At its core, cryptocurrency is a digital currency that is highly encrypted and stored on a blockchain. It is not controlled by anybody, which means it is not under the supervision of banks or the government. It is entirely in the public’s hands.

It’s true that cryptocurrencies like Bitcoin continue to gain popularity due to their undeniable security benefits and rising market value. However, it is a turbulent market. As you can expect, this makes companies hesitant to embrace digital currency.

Nevertheless, our WordPress development agency believes that blockchain technology does not merely allow for the creation of a new sort of currency. WordPress developers all around the world are actually starting to find additional applications of these digital ledgers.

Other Blockchain Applications

At the end of the day, encryption is what blockchain is all about. And, as you’re probably aware, encryption is very useful if you’re seeking to protect sensitive data of all sorts.

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In the next few points, we’ll highlight some more instances of how blockchain technology is being used on the web by WordPress developers.

Storage

Cloud storage is something that comes to mind when we think of WordPress development for enterprise, and blockchain technology can be pretty useful in that regard. By incorporating blockchain in WordPress, your web server will be relieved of the weight of your data. Additionally, it will provide a more secure location for your content.

Verification of Identity

There are many issues that come from improper password practices and blockchain technology can offer a practical solution. An encrypted identity verification that allows customers to choose how they wish to use their apps and what information is shared with them can be incorporated into your site.

Smart Contracts

Our WordPress Agency for Development knows that contracts are necessary for the protection of any business and its clients’ interests. Similar contractual agreements, such as licensing are often used by businesses to safeguard their content.

Unfortunately, those contracts aren’t always 100% reliable when it comes to protecting the intellectual property of companies. This is where an encrypted “smart” contract may help. Ethereum, the smart contract technology that powers smart contracts, is gaining more and more popularity among business owners.

Benefits of Blockchain Technology for WordPress

Now that you already know what blockchain technology is and how it may be utilized, our enterprise WordPress agency wants to bring your attention to cryptocurrency integrations.

This type of technology has already been tried and has shown to operate really well with WordPress. Let’s see what are the main advantages of using blockchain in your WordPress site!

1. Security

Accepting cryptocurrencies on your website comes with increased security, which is a great benefit. Remember that traditional payment channels and banks may be hacked, and if that happens, all of the consumer data, as well as the company’s, will be on display (since everything is kept in one location).

Our WordPress development agency recommends blockchain technology because, thanks to it, hackers are not able to see who was engaged in the transaction. It’s also very hard to get around the encryption and shift money out of a blockchain after it’s been recorded.

2. Cost

Blockchain technology can be very cost-effective as the fees connected with cryptocurrency payments are typically far cheaper than what you’d pay with a credit card or PayPal.

3. Speed

Speed optimization is an integral part of any high-quality WordPress development for enterprise. However, blockchain technology has a lot to offer, too, in regards to speed. This speed, however, has nothing to do with the functionality of your WordPress site. It is actually related to the speed with which you’ll receive money to your account.

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Blockchain transactions in WordPress are very handy since you don’t have to wait for banks or credit card companies to complete the payment. Thanks to blockchain technology, you’ll be able to acquire transactions much faster.

4. Independence in Terms of Location

Certain payment gateways can feel restricting due to the limitation of countries from which they will take payments. Our WordPress agency for enterprise reminds you that if you have clients from countries that aren’t on the authorized list, the hassle factor may be enough to turn them away from making a purchase.

Cryptocurrencies solve this problem because they are widely accepted pretty much everywhere around the Globe. So, if you have a worldwide audience, cryptocurrencies may become an even more appealing payment alternative.

5. Inflation

Our enterprise WordPress agency is aware that cryptocurrencies are generally regarded as unstable because of the large fluctuations in exchange prices. However, if you give blockchain transactions in WordPress a chance and are willing to track cryptocurrencies’ shifting value, you may be able to profit from it.

6. Innovation

Year after year, the number of businesses accepting cryptocurrency payments is increasing. This is why integrating blockchain technology into your WordPress site might help you remain ahead of the curve and establish your business as a forward-thinking one.

Blockchain Transactions in WordPress: Mission Accomplished!

Our WordPress Agency for Development knows that blockchain technology may be considered a novelty and a fleeting gimmick used to entice tech-savvy end users. However, the reality of the issue is that taking blockchain-based payments in WordPress has some actual advantages.

The most important benefit of blockchain transactions in WordPress is the enhanced security the technology provides. Consider trying the technology out if you know that your customers are interested in cryptocurrency payments. This will help you stay ahead of the curve with your WordPress site.

We hope that today’s article has been informative for you. If we’ve managed to spark your interest, you can count on our WordPress agency for enterprise to equip your online presence with a groundbreaking transaction and security solution. We offer an innovative service for blockchain transactions in WordPress that can greatly enhance your site.

Send us your inquiry to help us better understand your specific requirements and offer you the best possible solutions!