The industry experiencing explosive growth in blockchain is beauty and cosmetics. The expected growth of the global cosmetics market will exceed the expected growth $758.4 billion by 2025.
It provides an extensive selection in skin care, natural and coral reef-based beauty products. It is surprising to see that the men’s personal care market is also growing $166 billion by 2022.
What is Blockchain Beauty?
Blockchain beauty is the ultimate mix of industrial applications that leverage blockchain innovation. This advanced integration of evolving technology enables innovative ways to communicate with diverse brands and customers.
Blockchain provides encrypted real-time storage and exchange of data, allowing customers to enjoy a customized shopping experience. Consumers can also create entirely new product classes, as every detail about products or their composition is recorded.
How Does Blockchain Gain Trust in the Beauty and Cosmetic Industry?
In early 2023, NYX launched GORJS, known as the world’s first beauty-focused decentralized autonomous organization (DAO). It provides great beauty experiences within Web 3.0 technology.
The GORJS platform integrates Web 3 artists and beauty enthusiasts to discover more about digital makeup and blockchain exploration.
Here are several segments that blockchain adds for savvy beauty consumers:
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Promotes opportunities and self-recognition
Blockchain technology adds digital spaces for beauty freaks to express their understanding and their interactions with products. Furthermore, having digital spaces also improves physical security and polarizes familiarity with the physical world.
Beauty brands can easily partner with the Avatar company to boost their party and showcase their beauty game.
Greenwashing is one of the biggest concerns in the beauty industry. Receiving and purchasing products that are cruelty-free, environmentally friendly and natural is what consumers want.
With the progress of blockchain technologycustomers can easily follow the production process of their product. People can easily trace the source, origin and ingredients of the product by scanning a QR code.
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Smooth and exciting experience
Blockchain technology is still evolving and experimenting with new ways to deliver seamless and smooth beauty experiences. The audience needs to be nurtured based on current demands, preferences, choices and product selection. Many beauty brands are trying to build a strong consumer base and the right approach for their brand value.
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Effectively streamlining activities
Maintaining relationships, delivering messages, and updating them can be challenging; it requires a complexity hack to ease the task. Blockchain technology provides automated processes for the beauty industry that eliminate the risk of human error and improve operational efficiency.
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Improved regulatory compliance
The beauty and cosmetic industry is prone to alteration or counterfeiting. Therefore, products require safety testing and various regulations. Blockchain technology provides an audit trail and real-time capabilities to ease compliance and reduce the risk of reputational damage.
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Data management to build personalized products
Beauty and cosmetic brands are using blockchain technology to enable consumers to get personalized products based on their requirements. This technology stores detailed analyzes of consumers’ skin using the blockchain system. It leads to the goal of building a beauty and wellness platform that offers recommended, refined formulas and a customizable range.
The beauty industry is one of the revolutionary sectors that offers successful loyalty programs. Blockchain technology allows consumers to earn a share of Bitcoin every time they purchase or share a purchase link and a purchase is made.
Top Beauty Brands Using Blockchain Technology
Blockchain is making strides and bringing noticeable changes across industries, and the beauty industry is no exception. Beauty brands around the world are using blockchain technology to deliver exceptional customer experiences. Here are the names of some leading blockchain-enhanced brands worldwide.
Cult beauty
Cult Beauty is a UK-based e-commerce site that uses blockchain provenance to collect all information about products. It simply tracks the origin, ingredients, process and claims about the products. Origin has developed a blockchain solution known as ‘proof points’ which has been absorbed into beauty salon Cult.
Proof points involve two phases: the first is stated and the second is verified. Using blockchain technology, Cult Beauty enables its users to make informed purchasing decisions. It shares dated accreditations and certifications that guarantee sustainability and cruelty-free products.
Pure earth
Pure Earth is a scalable skincare brand that runs on blockchain technology and promotes digital dimensions in its range. Thanks to its partnership with Provenance, Pureearth allows its consumers to verify the origin of products and their authenticity. It helps people find authentic products because they can track everything from start to finish in one place.
EM Cosmetics by Michelle Phan
EM Cosmetics is another brand that runs on blockchain technology. It was founded by Michelle Phan, who was widely known as YouTube’s beauty guru. She was at the height of her career in 2010 and in 2013 she teamed up with Loreal to start her own beauty line called EM Cosmetics.
This company has partnered with Lolli, a Bitcoin rewards platform that allows buyers to earn Bitcoin through a browser extension while placing an order.
Finally
The beauty industry relies on a blockchain development company that offers legitimate blockchain development solutions for customization of beauty products.
Consumers can make informed purchasing decisions based on beauty brands and the bare minimum cost of blockchain apps. Brands are now making futuristic decisions using blockchain technology that can help them better position themselves against the competition.
Many brands around the world are using blockchain to manage their business, build trust, and share seamless Bing experiences with their consumers.
Ever since the beauty industry started working on blockchain, users feel safe to share the detailed information about their skin for an improved experience. It would not be wrong to mention that blockchain holds the future of the beauty and cosmetic industry.
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who help companies adopt, implement and integrate blockchain solutions to achieve business excellence. Our team has successfully delivered more than 1,000 projects to clients in more than 150 countries and is committed to designing and developing smart solutions to scale your business growth. We are focused on harnessing the power of Web 3.0 technologies to provide world-class Blockchain, NFT, Metaverse, Defi and Crypto development services to businesses to help them achieve their goals.