Estimated reading time: 7 minutes
Blockchain and automation are the two most important technologies of this decade that can revolutionize many industries. Website automation helps reduce costs and generate value by helping businesses collect valuable information and make data-backed decisions. Blockchain, on the other hand, makes the system transparent and the data of each secured. It was just a matter of time before these two technologies would be used together.
In this article, we have highlighted five ways in which blockchain technology is facilitating website automation solutions.
Managing Digital Assets
Web development has evolved a lot thanks to website automation in various areas, but the ownership and management of assets still is a challenge. Digital assets are now not just limited to content and multimedia, particularly after the metaverse became mainstream. NFTs, virtual real estate, and codes are some examples of digital assets with specific individual ownership.
What makes these kinds of digital assets special is that they are profitable because of their value and utility and they keep evolving with time. This poses a few challenges that are hard to ignore if the values of those assets are in the millions.
- Who is the owner after the creator of the said assets no longer works for that organization?
- How will the profit be distributed if there are multiple owners/investors?
- If the asset has been edited/evolved, how the profits will be distributed?
- Who has the right to edit/modify/delete/publish/use the content of the assets?
These challenges around digital assets during web development are solved easily by blockchain technology. Blockchain ensures private and secured decentralized ownership of assets. The voting system within the blockchain makes sure that no one is making unanimous decisions regarding the property.
Website automation can then be utilized to track revenue earned from these assets. As the assets and properties are easily secured by the blockchain, automation will give more reliable results.
Combining the two technologies will assist developers and virtual property owners alike in managing their assets. As a result, the digital assets will be more secure and usable.
Automated Grid Trading
Grid trading is the act of purchasing and selling assets around a set price that can incrementally increase or decrease. A grid of orders is created based on market fluctuations and the set price to generate maximum profit.
It is considered profitable while dealing with volatile assets (like cryptocurrency) whose value constantly changes in the market. Making decisions around a central set price and executing buying and selling actions based on incremental fluctuations is profitable.
However, there are a few challenges:
- Grid trading has to be automated. Executing the orders manually is extremely cumbersome. One has to be glued to their devices if that is the case.
- Automation of such a process requires the collection of huge amounts of data, storing it securely, and analyzing it.
Website automation has made trading easier. With the help of various kinds of applications, one can track and predict trends. Fortunately, automated grid trading can be easily solved through the application of blockchain.
The “append-only” rule of blockchain ledgers makes the collection and storage of data secure. As data cannot be modified once entered and requires to be validated by multiple parties before being stored, integration of blockchain is important. Furthermore, analysis of data that is accurate, unadulterated, and theoretically unhackable through website automation will increase profitability.
For instance, Gate.io, one of the best crypto grid trading bots, leverages blockchain technology to create one of the most secure crypto exchanges. Applications like these use blockchain to secure data and use automation to help their users make profits.
Storing User Data
Website automation has been helping businesses to collect user data from various sources and use it to drive sales and engagement. This user data also contains sensitive information that is private and can have catastrophic consequences if leaked. In many instances, these data sets are sold to parties with ill intent.
For instance, in 2021, consumer data from Domino’s Pizza was leaked. The names, addresses, and email addresses of 18 crore customers were up for sale on the dark web. Each of the data entries also contained transaction details that exposed the consumers to huge financial risks.
This is one of the potential threats that companies have to deal with while storing data in one centralized place. Furthermore, the fact that data in these systems can be edited after being entered means that there is a way to tamper with the already recorded data.
Blockchain stores data in a decentralized ledger that cannot be edited once an entry has been made. This means that to gain access, a hacker has to “authorize” themself on all of the distributed systems. Also, the data cannot be edited or tampered with and every entry will be recorded in the blockchain. These attributes of the blockchain make data secure.
Implementing data analysis through website automation to decentralized databases where user data cannot be tampered with will give the highest ROI.
Online Money Transfer
Unfortunately, a lot of individuals have become victims of online scammers. Digital payment protocols require an upgrade from a security perspective. Many banks have started the adoption of blockchain technology to provide more secure banking services.
The adoption of blockchain technology in the banking sector, particularly for automated online money transfers can have the following benefits.
- Reduced costs: A decentralized database will save a lot of money for the bank, consequently making it cheaper for the customers.
- Peer-to-peer transactions: This will remove the requirement of a “credit guarantee” while approving a loan as the role of a centralized body is limited.
- Enhanced security: The mandatory requirement of a “collective nod” for the transaction to go through will make the system foolproof.
The integration of smart contracts with automated payment algorithms is one of the many possible ways in which this can be achieved. Smart contracts initiate transactions when certain conditions are matched within the blockchain, ensuring its validity and safety. Automation can help with triggering the execution, transfer of funds, and append the details of the transaction onto the blockchain.
Secured Digital Wallets
Digital wallets have equipped online businesses to reward their customers based on their engagement and usage. Website automation has helped companies track user behavior accurately and reward them through native coins. These coins can be spent by the user for normal currency, products/services of that business, and products/services of partner businesses of that organization.
These digital wallets, also known as e-wallets, add to the convenience and deliver more value to the users. However, the lack of definite regulatory compliance exposes digital wallets to some risks. Data theft, data leak, malware attack, fraud risk, etc., are some of the security threats that the creators and users of digital wallets have to deal with. Although these days these e-wallets have become more secure, users are still a bit skeptical about them.
Blockchain wallets are the best solution for all the risks. These wallets hold the “keys” that have the details of the transactions but your actual assets are secured on the blockchain. The append-only nature of the data makes it impossible for your keys to get corrupted. Blockchain wallets can also be used for native currency and tokens.
Ethereum Wallets, for example, use web automation to help you manage your funds across multiple devices and leverage the blockchain to secure your investments.
Wrapping up
Even though there are a few applications of blockchain technology with web automation, we have merely scratched the surface. More applications in different fields are continuously being explored and implemented. To stay on top of things, it is necessary to keep an eye on the latest trends. We hope that this article has shed some light on how blockchain is facilitating website automation solutions.
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