Beauty industry, other than high scale celebrity dramas and scandals, also faces the burden of serious issues. Let us for instance, recall two deaths which happened in a mica mine in eastern India in March, 2019. In fact, child labour is rampant in mica mining and beauty companies struggle to source mica which is child labour free. And this is just part of the problem.
A Business Insider report revealed that FDA acts rather lenient with the products and does not actually review cosmetics before they go to the market but can make a recall if some problem happens. Furthermore, compared to the 1,300 toxic chemicals banned by the European Union, it has banned only a handful of them. All of these can have severe implications.
Infrastructurally as well— from cross border transactions to lower costs— the beauty industry does need a better makeover, if not complete. And it seems that blockchain, here as well, could be the next big thing.
We all must have read the poem Song of the Whale by Kit Wright as teenagers. And of course, we all know the big, epic whaling adventure of Moby Dick. But how are these two related? I would not say rather vaguely.
It is shocking to hear today that at one time in history, whale fat and whale sperm was used in cosmetics like lipsticks. After a hard struggle, this practice was slowly discontinued. The poem mentioned above points out to the pain of the whale which is killed for some color on our human lips. Deaths of children still happen in mica mines and it is the unprivileged— the mute animals, poverty-stricken humans and little children— who bear the cost of beauty.
It cannot be denied that beauty companies across the world have made efforts from their side in the direction of procuring ingredients which do not violate animal and human rights. But a lot still needs to be done. Blockchain, for instance, can be used as with food supply chains, to procure traceable ingredients. This would ensure that they are being obtained from a source that does not involve atrocity towards animals or any violation of human and child rights.
The biggest hindrance to growth any industry can face is limitation. Blockchain, through its decentralized and global nature, can offer borderless service which is presently not possible due to complex legislation. Moreover, transactions between different parties across the globe would not only be made more efficient by blockchain, but also less costly. This is a consequence of the elimination of forex conversion rates, third party operations costs, bank charges, and so on and so forth. Since this would make the cost of business lower for the company, consumers would also be able to obtain products at cheaper prices.
Overall, blockchain transactions would give more power to customers by increasing their buying capacity. Almost as a bonus, blockchain, which is a ledger technology, would decrease the chances of concealed prices, unaccounted inflation, and frauds like selling a bad product for higher prices.
Elimination of Counterfeit Products
Other than solving ethical issues, blockchain can eliminate a major problem of the beauty industry today— counterfeit products. Remember buying a lipstick embossed with some great brand, which ends up giving you chapped lips and a bad color? There you go.
An example of how blockchain can be of practical use in combating fake products is that of Tmall Global, Alibaba’s international e-commerce platform. This company has fully implemented a global tracing system using blockchain which can trace the origin of imported goods so that fake products do not trickle in. The global tracing system involves assigning each product a unique identification code.
Expanse— Where Ideas are More Beautiful than Faces
The integration of blockchain in the beauty industry hasn’t really taken off yet. However, the few startups which had endeavored to take this responsibility asset the potential the technology has in this sector. These include names like COSBALL, Cosmochain and Beauty Chain. But the truth remains— more needs to be done.
Expanse offers you the best display of the beauty of your ideas— based on Ethereum, it offers you the platform to build practical solutions to everyday problems. This is why, it is an ecosystem you should consider if you decide to make beauty emerge from the goodness of being.