Companies Using Blockchain Technology in the Cosmetic Industry
Blockchain technology as a whole is getting a lot of attention as a result of cryptocurrencies. Blockchain is the foundation of the cryptocurrency sector, but other industries are fast embracing the technology because of its decentralized structure, security, and scalability.
The Cosmetic Industry is Changing Due to Blockchain
These three businesses each have a unique way of utilizing blockchain technology. Blockchain has already started to fundamentally alter how other industries manage finances, data, and logistics. Therefore it is now all but certain that the technology will bring about significant changes to the beauty sector. Blockchain technology is utilized to retain transaction records for transparency in various industries, from real estate to agriculture. Beauty startups are now using blockchain for quality control as it has entered the billion-dollar cosmetic industries.
Here are our top selections for cosmetic and cosmetics industries that are using blockchain to give clients a better online buying experience.
1. Michelle Phan’s EM Cosmetics
If you frequent the YouTube beauty scene, you are probably familiar with Michelle Phan. The YouTube beauty guru was at the height of her success in 2010, and in 2013 she even collaborated with L’Oréal to develop her own cosmetics line, Em Cosmetics.
After taking a two-year break, Phan unexpectedly made a comeback in 2017. She acknowledged having studied blockchain technology and cryptocurrencies during her break in a comeback video. Em Cosmetics relaunched that same year with a fresh artistic perspective.
Along with the platform’s relaunch, Em Cosmetics also adopted blockchain technology. Lolli, a cryptocurrency incentives business in which Phan personally invested $3 million, has teamed with Em Cosmetics. Anyone who downloads Lolli’s web extension and makes purchases from Em Cosmetics will receive up to 4.5 percent of Bitcoin as part of the collaboration. Customers on Em Cosmetics receive Bitcoin back as a result, as opposed to the customary rebate.
2. Cult Beauty
Blockchain technology is being used by cult online cosmetics industry Cult Beauty to combat greenwashing in the beauty sector. Provenance, a tech transparency startup with which the business is partnered, and Cult Beauty have jointly introduced “Proof Points” on the website.
Cult Beauty assigns “Proof Points” to said companies that are selling their products on the platform after using blockchain technology and open data to validate sustainability and ethical claims made by cosmetic brands. This implies that Cult Beauty and Provenance will use blockchain technology to look for proof to support claims made by cosmetic industries that their products are “cruelty-free” or that their packaging is “biodegradable.” The website will also ensure that an impartial third party verifies the claims.
Businesses that pass the test are then given a Proof Point and links to official document files to demonstrate to clients buying on Cult Beauty that any eco-friendly claims made are true.
Also, read – Everything To Know About NFT Gas Fee
3. Look Labs
The Berlin-based fashion and beauty design business Look Labs are fusing NFTs, particularly blockchain, with scents.
Look Labs simulates the “digital reflection” of a fragrance using near-infrared spectroscopy (NIRS), a technique that monitors vibrations in molecules. This vibrant digital reflection dubbed a “Cyber Eau de Parfum” is essentially the result of wavelength data collected using NIRS technology.
Happy Friday!! Curious to know how this digital fragrance would smell like? Cyber Eau de parfum is the first ever digital fragrance unveiled in the form of unique NFT blockchain artwork.#nyssc #funfactsfriday #nft #metaverse #beautyverse pic.twitter.com/a967GFGzbg
— NYSCC (@NYSCC) February 4, 2022
Then they are put into an NFT and put up for auction on NFT marketplaces. Anyone who wins the NFT perfumes will get a physical bottle of the perfume as well as a digital certificate of the NFT. Look Labs intends to use this technology for its next “digital fashion show” in addition to scent.