If you have been exploring cryptocurrency for a long time, then you must be knowing the fact that Blockchain technology is an integral part of the cryptocurrency world. This distributed ledger is the underlying technology on which cryptocurrencies, like Bitcoin, operates. Now, becoming decades old, this digital crypto coin hardly needs any special or new introduction. The worth of this popular cryptocurrency can be judged through a Bitcoin millionaire list, the ones who became richer by betting upon it. but today, our main subject does not revolve around this dominating cryptocurrency. Rather, we will be discussing on how blockchain technology has become an add-on advantage for the beauty industry.
It is nothing new to know about the beauty industry which has been flourishing for years. Two years back, the beauty industry crossed around $18.8 billion, according to a study. The growth of skincare went up to 13% and resulted in 60% of profit to the industry. When it comes to sales, then makeup stands as the biggest class. Hollywood celebrities like Kim Kardashian and Rihanna are among the two best examples which have established their realm on makeup. Next comes the hair. With a 25% rise in sales, it is a minimal and speediest rising category. With the emergence of blockchain technology, it has changed the perspective of gripping beauty, and with the continuous rise in hair, makeup, and skincare is hoped to do better in the present year and beyond. The giant disruptor will have to be get disrupted by this technology.
The growth of the beauty industry lies behind the contribution of various trends. Below are some of the rapidly rising trends, that are under focus by several new brands.
Considering the add-on advantage of blockchain technology in the beauty industry, one of the rising trends which many newbie brands are focusing upon the product displaying the instant updation in lines, bags, and lightening up.
The doll-like appearance is much in rising trend showing excess makeup, simple effect, or resection for porcelain. It is a must to feel perfect.
This developing trend has been drawing much attention especially, among the consumers who are serious about their health and wellness, beyond the products they have been using so far. Note that blockchain technology is efficient to see the clarity of these products.
There are other uprising trends in the beauty industry, which are not completely centralized on beauty, but with technology. One such technology is social media. This platform has reformed the method of creation, buying, accessing beauty products, and the market. Various upcoming new brands are trying to prove their mettle through social media platforms, and stores (online as well as visible).
Even though the beauty industry has excelled in being admired and demanding, still, the pace of this industry has been very snail-like in terms of digital change. Also, there are challenges faced by the beauty industry, including placing orders, distribution of supply chain, the timing of processing and payment, the credibility of the product, customer experiences, and booking appointments. Kudos to blockchain technology that emerged as an add-on advantage for this industry.
Some blockchain-based platforms are centralized towards the beauty industry and are showing their worth with random growth.
