Thanks to cryptocurrency, blockchain expertise as a complete is attracting loads of consideration. (*3*) types the spine of the cryptocurrency business, however the expertise is rapidly being adopted in different fields because of its decentralized nature, safety, and scalability.
From actual property to agriculture, blockchain expertise is used for retaining data of transactions for transparency. Now, it has made its method into the billion-dollar magnificence business: beauty start-ups are turning to blockchain for high quality management.
Here is our prime picks of beauty and magnificence firms which have turned to blockchain, to supply a greater on-line procuring expertise to their clients.
If you might be into the wonder group on YouTube, you’d be no stranger to Michelle Phan. The magnificence guru was on the peak of her YouTube profession circa 2010 and even labored with L’Oréal to launch her personal make-up line, Em Cosmetics, in 2013.
Phan went on a two-year hiatus in 2015 and made a shock return in 2017. In a comeback video, she revealed that she had been studying about cryptocurrency and blockchain throughout her hiatus. In the identical 12 months, Em Cosmetics relaunched with a brand new artistic imaginative and prescient.
Related: What Is a (*3*) and How Does it Work?
What additionally adopted with Em Cosmetics’ relaunch was the platform’s adoption of blockchain expertise. Em Cosmetics has partnered with Lolli–a cryptocurrency rewards firm through which Phan herself invested $3 million.
The partnership affords clients as much as a 4.5% portion of Bitcoin to anybody who downloads Lolli’s internet extension and outlets with Em Cosmetics. This implies that as a substitute of the same old cashback, clients on Em Cosmetics get Bitcoin again.
Cult on-line cosmetics retailer Cult Beauty is utilizing the blockchain to counter greenwashing within the magnificence business. The firm is companions with tech transparency firm Provenance and collectively, they’ve launched what is named “Proof Points” on Cult Beauty’s web site.
Using blockchain expertise and open knowledge to confirm sustainability and moral claims made by beauty firms, Cult Beauty allocates “Proof Points” to mentioned firms who’re promoting their merchandise on the platform.
This implies that when a beauty firm says that their eyeliner is “cruelty-free”, or that their packaging is “recyclable”, Cult Beauty and Provenance will deploy blockchain expertise to seek for proof supporting these claims. The web site may also be certain to corroborate the claims with an unbiased third celebration.
Companies that go the check will then be allotted a Proof Point to indicate clients procuring on Cult Beauty that no matter eco-friendly claims made are true, with hyperlinks to official doc filings.
Berlin-based vogue and magnificence design firm Look Labs is combining perfumes with blockchain, extra particularly, NFTs.
Using near-infrared spectroscopy (NIRS), a expertise that measures vibrations in molecules, Look Labs recreates the “digital reflection” of a perfume. Described as a “Cyber Eau de Parfum”, this colourful digital reflection is mainly the product of wavelength knowledge gathered through NIRS expertise.
Related: What Is a Non-Fungible Token (NFT)?
They are then encoded into an NFT and auctioned on NFT marketplaces. Anyone who efficiently bids for the NFT perfumes will obtain each a digital certificates of the NFT and a bodily bottle of the fragrance.
In addition to fragrance, Look Labs additionally plans to use comparable expertise to its upcoming “digital vogue present”.
(*3*) Is Changing the Beauty Industry
These three firms are leveraging blockchain expertise in another way, however every has its personal advantage. (*3*) has already begun revolutionizing how different industries deal with cash, knowledge, and logistics, so it’s just about inevitable at this level that the expertise will result in radical modifications to the wonder business.
If you’re a magnificence fanatic studying this, why not perform a little research about blockchain, and examine whether or not or not your favourite magnificence model is already implementing blockchain expertise.
Is It Possible to Hack the (*3*)?
A ledger of digital transactions, the blockchain makes it tough to change digital belongings. But can or not it’s hacked?
About The Author
Jie Yee Ong
(54 Articles Published)
Currently based mostly in Melbourne, Australia, Jie Yee has expertise in writing concerning the Australian actual property market and the Southeast Asian tech scene, in addition to conducting enterprise intelligence analysis within the wider Asia-Pacific area.
From Jie Yee Ong
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