The Beauty And The Blockchain
More Than Skin Deep
For those of us with sensitive skin, it is a constant battle. We all try to determine which ingredient in a particular cosmetic is the culprit. Chances are, no matter how many labels you compare, you may never find the answer. A cosmetic or lotion may consist of 50 to a 100 ingredients that can originate from anywhere around the world. Unfortunately, there is really no transparency at each touch point of the supply chain. Conversely, it doesn’t help that the supply chains in many industries, including cosmetics, have become archaic mostly due to companies still reliant on paper invoices and money wires.
As a matter of fact, the global beauty market has an estimated value of nearly $1 trillion. Furthermore, it is growing an estimated three to four percent each year. Consequently, it is no wonder blockchain enthusiasts are eager to find their niche – most likely in the areas of supply chains and quality control.
Winning The Contest
Irina Barbalova, beauty and personal care global leader explains, “The needs, values, and expectations of beauty consumers in 2018 will continue to evolve in tandem with behavioral shifts stemming from more health-conscious lifestyles, ethical consumerism, digital connectivity, as well as more authentic brand experience.”
EpigenCare Inc. has unveiled its digital platform aimed at connecting consumers with skincare companies through blockchain technology. Chiefly, the “EpigenCare Network” establishes a consumer’s epigenetic profile. Based on their preferences, the network notifies relevant and participating companies. To this end, the companies target these epigenetic profile segments and market to them. Developed on the Ethereum blockchain, EpingenCare rewards consumers targeted by companies with tokens that can be used to subsidize future skincare tests.
Getting The Royal Treatment
KAYSPA (also known as SPA Foundation) is the biggest Spa chain in Indochina, and the creators of SpaCoin, an Ethereum-based token regulated by smart contracts. In the same fashion, its blockchain platform supports the beauty community. The SPA Foundation establishes spa-member profiles, based on preferences, purchases, and feedback. The SpaCoin rewards clients and beauty care technician participants.
Online hair and beauty bookings system JOLYY plans to build a blockchain-powered platform in a bid to increase its efficiency and lower costs for salons and their clients. JOLYY is already operating in its home country of Bulgaria. The platform intends to upgrade its current system with the help of the blockchain technology. Currently, it is building a platform based on the Origin Protocol. JOLYY has the ambition of becoming a one-stop shop for beauty services and salons. The Origin Protocol uses the EthereumBlockchain to help buyers and sellers transact in a decentralized environment without traditional intermediaries.
A Beauty Ecosystem
Cosmochain is a platform created to connect cosmetic product users and content creators to cosmetic product suppliers through a beauty ecosystem. The platform collects and processes reliable beauty data from customers providing a customer-centric on-demand service and, in turn, rewards participants. The more active in the Cosmochain ecosystem one is, the more rewards earned.
In a press release by FIT, on the study’s publication, one of the solutions suggested for greater transparency is to “Leverage blockchain and crypto-anchor technology to validate the product journey from source to the skin, while also combating the industry’s gray market and counterfeit problem.” As a result, the author of FIT also believes that blockchain will eventually foil, or greatly hinder counterfeiting running rampant in the beauty industry.