3 Cosmetic and Beauty Companies Using Blockchain Technology

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Due to cryptocurrency, blockchain expertise as a complete is attracting a variety of consideration. Blockchain varieties the spine of the cryptocurrency business, however the expertise is shortly being adopted in different fields because of its decentralized nature, safety, and scalability.

From actual property to agriculture, blockchain expertise is used for maintaining information of transactions for transparency. Now, it has made its manner into the billion-dollar magnificence business: beauty start-ups are turning to blockchain for high quality management.

Right here is our prime picks of beauty and sweetness corporations which have turned to blockchain, to supply a greater on-line procuring expertise to their prospects.

Screen capture of Em Cosmetics website homepage

In case you are into the wonder neighborhood on YouTube, you’d be no stranger to Michelle Phan. The sweetness 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.

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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 yr, Em Cosmetics relaunched with a brand new inventive imaginative and prescient.

Associated: What Is a Blockchain 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 during which Phan herself invested $3 million.

The partnership presents prospects as much as a 4.5% portion of Bitcoin to anybody who downloads Lolli’s internet extension and outlets with Em Cosmetics. Because of this as a substitute of the standard cashback, prospects on Em Cosmetics get Bitcoin again.

Screen capture of Cult Beauty website homepage

Cult on-line cosmetics retailer Cult Magnificence is utilizing the blockchain to counter greenwashing within the magnificence business. The corporate is companions with tech transparency firm Provenance and collectively, they’ve launched what is called “Proof Factors” on Cult Magnificence’s web site.

Utilizing blockchain expertise and open knowledge to confirm sustainability and moral claims made by beauty corporations, Cult Magnificence allocates “Proof Factors” to stated corporations who’re promoting their merchandise on the platform.

Because of this when a beauty firm says that their eyeliner is “cruelty-free”, or that their packaging is “recyclable”, Cult Magnificence and Provenance will deploy blockchain expertise to seek for proof supporting these claims. The positioning may also be certain to corroborate the claims with an unbiased third get together.

Corporations that move the check will then be allotted a Proof Level to indicate prospects procuring on Cult Magnificence that no matter eco-friendly claims made are true, with hyperlinks to official doc filings.

Screen capture of Look Labs website homepage

Berlin-based trend and sweetness design firm Look Labs is combining perfumes with blockchain, extra particularly, NFTs.

Utilizing 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 by way of NIRS expertise.

Associated: What Is a Non-Fungible Token (NFT)?

They’re then encoded into an NFT and auctioned on NFT marketplaces. Anybody who efficiently bids for the NFT perfumes will obtain each a digital certificates of the NFT and a bodily bottle of the fragrance.

Along with fragrance, Look Labs additionally plans to use comparable expertise to its upcoming “digital trend present”.

Blockchain Is Altering the Magnificence Business

These three corporations are leveraging blockchain expertise otherwise, however every has its personal advantage. Blockchain 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.

In case you are a magnificence fanatic studying this, why not do a little analysis about blockchain, and verify whether or not or not your favourite magnificence model is already implementing blockchain expertise.

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