Thanks to cryptocurrency, blockchain technology as a whole is getting a lot of attention. Blockchain is the backbone of the cryptocurrency industry, but the technology is quickly adopted in other areas due to its decentralized nature, security, and scalability.
From real estate to agriculture, blockchain technology is used to keep transaction records for transparency. Now it’s made its way into the billionaire beauty industry: cosmetic startups are turning to blockchain for quality control.
Here are our top picks of cosmetics and beauty companies that have turned to blockchain, to provide a better online shopping experience for their customers.
If you’re in the beauty community on YouTube, you wouldn’t be a stranger to Michelle Phan. The beauty guru was at the peak of her YouTube career around 2010 and even worked with L’OrÃ©al to launch her own makeup line, Em Cosmetics, in 2013.
Phan took a two-year hiatus in 2015 and made a surprise comeback in 2017. In a comeback video, she revealed that she learned about cryptocurrency and blockchain during her hiatus. The same year, Em Cosmetics relaunched with a new creative vision.
The relaunch of Em Cosmetics also followed the platform’s adoption of blockchain technology. Em Cosmetics has teamed up with Lolli, a cryptocurrency rewards company that Phan herself has invested $ 3 million in.
The partnership offers customers up to 4.5% Bitcoin to anyone who downloads Lolli’s web extension and makes purchases with Em Cosmetics. This means that instead of the usual cashback, Em Cosmetics customers get Bitcoin back.
Online cosmetics retailer Cult Cult Beauty is using blockchain to fight greenwashing in the beauty industry. The company is a partner of technology transparency company Provenance and together they have introduced what are known as âPoints of Evidenceâ on the Cult Beauty website.
Using blockchain technology and open data to verify sustainability and ethical claims made by cosmetic companies, Cult Beauty assigns ‘proof points’ to said companies that sell their products on the platform.
This means that when a cosmetics company claims their eyeliner is “cruelty-free” or their packaging is “recyclable,” Cult Beauty and Provenance will deploy blockchain technology to look for evidence to support those claims. The site will also ensure that the allegations are corroborated with an independent third party.
Companies that pass the test will then be given a proof point to show customers who buy from Cult Beauty that any green claims made are true, with links to official documents.
Berlin-based fashion and beauty design firm Look Labs combines perfumes with blockchain, specifically NFTs.
Using near infrared spectroscopy (NIRS), a technology that measures vibrations in molecules, Look Labs recreates the âdigital reflectionâ of a perfume. Described as a “Cyber ââEau de Parfum”, this colorful digital reflection is essentially the product of wavelength data collected via NIRS technology.
They are then encoded in an NFT and auctioned on NFT marketplaces. Anyone who successfully bid for NFT fragrances will receive both a digital certificate from the NFT and a physical bottle of the perfume.
In addition to perfume, Look Labs also plans to apply similar technology to its upcoming âdigital fashion showâ.
Blockchain is changing the beauty industry
These three companies exploit blockchain technology differently, but each has its own merit. Blockchain has already started to revolutionize the way other industries handle money, data, and logistics, so it’s pretty much inevitable at this point that technology will bring sweeping changes to the beauty industry.
If you are a beauty enthusiast reading this, why not do some research on the blockchain and check if your favorite beauty brand already implements blockchain technology.
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