Source : https://coinscapture.com/blog/10-blends-of-beauty-industry-with-blockchain-to-attain-makeover
10 Blends Of Beauty Industry With Blockchain To Attain Makeover
The beauty industry is vast and diverse - from makeup to bathing products - it has everything. Our world knowingly or unknowingly revolves around this enchanting industry space. However, the beauty industry varies from place to place, culture to culture, and it is also affected by the trends across the world or society. The beauty industry falls in the evolution sphere as it keeps growing and changing now and then, which also allows the business to develop and be on the cutting edge.
The beauty industry is centralized also so many products belong to the same brand, and all those different brands are owned by the same company, while all this usually is unnoticed since we focus on the brand or product that we use.
As per the reports, it is estimated that the beauty industry is expected to be worth from $423.7 billion in 2016 to $750 billion by 2024 - which is a considerable differential growth and with such scale and potential it becomes pretty evident that the technology behind the industry has to not only sustain but innovate and grow.
Blockchain Technology plays a part in so many varied industries from the finance sector, education, health, tourism, hotel industry, IoT, and so many more.
Irina Barbalova, beauty and personal care global leader, explains,
“The needs, values, and expectations of beauty consumers in 2018 will continue to evolve in tandem with behavioral shifts stemming from more health-conscious life>
Also Read, Application of Blockchain
In this blog, we have listed The 10 blend of Beauty Industry with Blockchain Technology that can help attain the makeover:
- Blockchain Technology Is A Secure Environment As The User’s Account On The Blockchain Comes With Private Keys And Account Addresses. The Process Of The Blockchain Transaction Is Layered, Which Makes It Extremely Difficult To Be Hacked Or Be Affected By Any Cybercrimes.
- Blockchain Technology Is Borderless Due To Its Decentralized Nature. This Feature Would Help Many Companies That Are Related To The Beauty Industry To Practice Their Business Across The World Without The Hurdles, Especially The Ones From The Legislation.
- Blockchain Technology Eliminates The Need For Middlemen Of Any Sort Of Intermediaries In The Process, And It Will Lead To Fair Costing Of The Product As The Commission Pricing Of The Middlemen Will Be Eradicated.
- The Costing Of The Products Would Also Decrease Due To The Elimination Of The Middlemen As Customers Will Directly Be Able To Get In Touch Or Contact The Company To Buy The Product.
- The Transaction With Blockchain Technology Helps Eliminate The Hurdles And Long Procedural Method Of Cross-Border Or Legislation Laws And Regulations Amongst Countries, While Also Removing Charges Or Commission Of Middlemen, Intermediaries, Bank Charges, Forex Conversion Rates, And So Forth.
- Blockchain Technology Is Timestamped, Meaning Once Data Is Recorded In The Blockchain, It Cannot Be Undone, Changed, Tampered, Or Be Manipulated With. The Data Stored In A Blockchain Is Forever There, And One Can Always Go Back And Check Or Learn The Records But Not Change It. The Application Of This Feature Would Allow Transparency Between The Customer And The Company In Terms Of The Production Of The Product, Ingredients Source, Original Price Of The Product, The Involvement Of Labor, And So Forth. It Would Help The Company Create A Loyal Customer Base With Honesty And The Customer’s Belief Towards The Product.
Also Read, 10 Known Women In The World Of Blockchain
- Blockchain Technology Is Transparent, And This Feature Would Reduce Or Eliminate The Malpractices Of Hidden Prices, Inflation Of Rates, Overpriced Products, Using Cheap Products While Selling It At A Higher Price, Basically The Use Of Blockchain Technology Would Reflect The Right And Fair Pricing System.
- Many Brands Disguise Themselves Under A Known Brand Name, Which Is Also Termed As Fake Brands That Shadow Themselves Behind The Original Brand. The Blockchain Technology Can Aid To Verify The Authenticity By Cross-Checking The Credibility Of The Brand Or The Company On The Ledger Of The Blockchain.
- Beauty Industry-Related Companies Can Use Blockchain For Booking Appointments, Giving Out Tokens As Rewards To Engage And Stay Connected To Their Customers.
- Blockchain Technology Can Help The Beauty Industry To Stay True To Their Claims That Are Stated By The Companies And Help Create Transparency And Healthy Competition In The Space.
Many companies like Beauty Chain, JOLLY, COSBALL, COSMEE, and Cosmochain are adopting blockchain technology.
In a press release by FIT, on the study of the publication suggested a solution for transparency saying,
“Leverag[ing] blockchain and crypto-anchor technology to validate the product journey from source to skin, while also combating the industry's gray market and counterfeit problem.”
Blockchain technology in the Beauty industry would make the functioning and work more efficient and smooth. Since it would also offer the consumers to learn about the claims stated by the company, it would overall create the platform to reach a loyal base, accountability, transparency, traceability, authenticity, and tailored customer experience.
Ryan Whittaker, a consumer analyst at Globaldata, said to CosmeticDesign- Europe,
“With online retail, I imagine that fake or contaminated cosmetics are a significant issue for that industry, so you might see future brands attempting to implement blockchain concepts to track the sourcing or movement o products.”
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