The beauty industry subjectively varies from country to country and culture to culture. The fashion trends also guide the industry from time to time. Along with being so diverse, the beauty industry has been standing strong since like ever and is in no way going to fade away.
The diverse nature of the beauty industry allows a window for new break-through every now and then, replaces older styles and beauty products with the latest ones; the changing nature allows new businesses to pop up at all levels, etc.
The pop-in growth needs an intelligent containing power:
Reports reveal that by 2024, the industry is expected to be worth $750 billion from its 2016’s worth of $432.7 billion. With such a bang in the growth and potential on an international level, can old ways of manual and computer-based traditional methods sustain the growth? The answer is a hesitant and honest- nope! And fortunately, we do have a solution that is rather more than capable of handling any scale growth, expansion, and diversification. The solution is blockchain technology! Yes, you heard it right. How it can help the beauty industry, you may ask. Well here’s how-
Blockchain with its awesome powers:
The super-heroic powers of the blockchain technology have found its uses in almost all the industries. Blockchain technology can be applied to so many sectors, be it education, health sector, food supply, finance sector, IoT, etc. One such sector is the beauty sector, where blockchain technology is offering ground-breaking ways to improve its many folds.
The use cases of the technology have not only surprised nay-sayers but have also provided groundbreaking solutions to many industries. Let’s have a look at the awesome powers of the technology in the light of the advantages it can provide to the beauty industry:
True growth lies in being border-less. The blockchain technology enables true border-less service as it is decentralized in nature. Being decentralized means it is not under any central governance of any legislation. This feature of the blockchain industry can really amp up the growth of many beauty-industry related companies that face repulsion from some legislations to practice their business abroad.
Time-stamped records of any transactions:
When everything is written and recorded, the scope of manipulation gets controlled. The transparent environment increases quality and forces the entire system to grow in a constructive direction. Blockchain technology exactly does that. It has unlimited potential to record everything. This feature can be used by the beauty industry to maintain honesty in terms of where the product was made, from where the ingredients of the product were sourced, the original price of product and labor involved, and so on. This recorded information can be highly beneficial to both the customer and the entire beauty industry.
Allows easy cross-checks of any transactional claims:
It is an unfortunate truth of the beauty industry that many fake brands mushroom in the shadow of the original ones. The fake brands sometimes assure false promises. This issue can be easily dealt with the ability of the blockchain technology of allowing anyone to cross-check the claims made by any company. One can check the authenticity, credibility, certifications, etc. of any company on the blockchain ledger.
True rates with supply-checks ability:
Ledger technology demands honesty. This depletes the scope of hidden prices, unnecessary inflation of rates, use of cheap products in the prices of quality ones, etc. The true and fair pricing system that blockchain technology offers can prove to be a bane for the users and the entire industry.
Omits the role of a middleman, invites lower costs:
Middleman was at one point sometimes time- a required devil. But with the global nature of the blockchain technology, one can get rid of this issue and the costs involved with the middleman. It’s a straight and simple calculation that if a customer purchases products straight from the company, the cost of the product would be fair and honest, and cheaper without the intervention of a middleman.
Security and privacy:
The blockchain technology is a very secure environment as it offers a layered structure of the transaction. The user’s account on the blockchain ledger comes with private keys and account address. In order to make a transaction, the sender has to have the blockchain address of the receiver. The layered structure of the blockchain technology safeguards the users from any possible hacks and other cybercrimes. This setup, therefore, also allows a full breath of privacy on the blockchain ledger.
Almost instant transactions:
Who doesn’t know the long waiting time of an international transaction? The forex conversion rates, the bank charges, the middleman charges, the processing time of other related companies involved, just added up to the irritation. Thanks to God, blockchain technology is here. Its cross-border and decentralized nature allows instant transactions as it is not under any legislation.
It will take a while to get to a proper conclusion on this topic of integration of the blockchain industry into the beauty industry. As of now, we can very well see the advantages of this integration. Many companies, such as COSBALL, Cosmochain, Beauty Chain, etc., are already ahead in the blockchain adoption game and reaping the advanced benefits, therefore.
With the adoption of the blockchain technology, the beauty industry is surely going to enjoy much effective tracking of the latest trend with the decentralized nature of the blockchain technology, bridge the gap between the beauty experts and the cosmetic manufacturers, the high commissions can go lower, and most importantly the involvement of the female users will push the adoption of the cryptocurrency among the female section of the society.