How Blockchain Is About To Makeover The Beauty Industry
Implementation of blockchain in medical, education, transportation industry, and many other sectors is prevalent, but what is not known is the blockchain in the beauty industry. The growth of the beauty industry is immense, and it is believed that Global Beauty & Personal Care Products will rise from $432.7 billion in 2016 to $750 billion by 2024. With the increasing demand, the industry is going to have more complex operations as well as order; hence blockchain will come to the rescue for many complicated processes. Let’s understand the advantages of implementing blockchain in the beauty industry;
Benefits of blockchain in the beauty industry:
1. No restrictions:
Blockchain is a decentralized technology, so the process involving middleman actions will be completely eliminated once blockchain gets into action. Since only distributed governance will be considered all the restrictions will be gone. Hence this feature of the blockchain can excite the progress of many beauty-industry related companies that face abhorrence from some legislations to practice their business abroad.
2. Allows easy cross-checks of any transactional claims:
Fake branding is pervasive in the beauty industry. The fake branding also has a very negative impact on the beauty industry. So blockchain can be useful for detecting and erasing these counterfeit brands. One can check the legitimacy, reliability, certifications of any company on the blockchain ledger.
3. Fast transactions:
The long waiting time of international trade and the tedious wait for it is aware by everyone. The different conversion rates of the countries, its banking charges, the standard charges and the processing time of other related companies that are involved, just added up to the irritation. Blockchain technology is here to say goodbye to all of them. The decentralized, borderless advantage of blockchain technology allows instant transactions.
4. Actual rates with supply-checks ability:
The blockchain ledger is a very transparent technology. The transparency decreases the scope of hidden prices, unnecessary inflation of scales, use of cheap products in the prices of quality ones. The right and fair pricing system that blockchain technology offers can prove to be a bane for the users and the entire industry.
5. Costing of the product will decrease:
Since many third-party transactions will be eliminated, the outcome of the beauty products will ultimately decrease causing a benefit for the customers. The costing is a very straightforward 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 middle man.
6. Up to date records of any transactions:
Recording everything can make manipulation of the system very easy so blockchain helps you to do that. Blockchain technology is highly transparent; hence the scope of false recording is highly eliminated. Blockchain technology exactly does that. 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. Already the companies COSBALL, Cosmo chain, Beauty Chain, etc., are ahead in the blockchain adoption game and reaping the advanced benefits. So let’s hope that the beauty industry very soon gets a new efficient tracking system