How blockchain and cryptos can decentralize cosmetic industry

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How blockchain and cryptos can decentralize cosmetic industry

The influence of blockchain and cryptocurrencies is increasing with each passing day. Definitely, as of now, there are several countries where the use of cryptocurrencies is not legalized yet. However, there are predictions that in the near future cryptocurrencies will be replacing the traditional monetary methods. Whether be it any business healthcare, oil and gas or even beauty industry, blockchain and cryptocurrencies have knocked on every door now. In this article, we shall explore further on how blockchain and cryptos can decentralize cosmetic industry.

Blockchain and cryptos in cosmetic industry

Blockchain technology is dominating every field; be it industrial, health, finance or real estate.  Furthermore, the impact of blockchain development technology has even touched beauty and wellness industry.

According to Inkwood research, the Global Beauty and Personal care products market is expected to grow to $750 billion by the year 2024.

The highest contribution in this market is expected by Europe with around $225 billion during the forecast period of five years.

However, it has been observed that the beauty industry one of those industries which is yet to use the potential of digital technologies. Even today, most of the players in cosmetic industry is dependent upon the telephone and pen paper method for bookings and appointments.

Blockchain and cryptos are changing era for cosmetic industry

decentralise cosmetic industry

The influence of the growing blockchain and crypto economy on cosmetic industry definitely cannot be ignored. Opu Lab, one of the start-ups in the cosmetic industry. It supports the use of cryptocurrencies and provides Bitcoin to the user on pretext of analysation of the skin.

According to Opu Lab, the application is developed as a combination of skin care method along with the use of technologies such as Artificial Intelligence and Blockchain Technology.

Blockchain-based app for cosmetic industry

block crypto cosmetic

The mobile application, developed by Opu Lab, is quite unique in its own. In this application, the customers are able to connect with the dermatologists and several beauty brands with the help of the face recognition technology. This is indeed a unique feature of its own of this app. This mobile application allows the user to upload their picture. The Opu Lab team then analyzes it with the help of the Opu’s AI to deal with skin concerns like wrinkles and hyper-pigmentation.  

When the user connects to this mobile application and upload the picture or link their social media accounts such as Instagram,  the mobile application rewards the user in form of Opucoin (the currency of that mobile application). And, the brand further encourages the customer to use those Opucoin to take more advice and services.

The mobile application was developed in the year 2014 by Mark Bookman who is the Founder and CEO of the company. The company got its boost as it introduced these technologies and people also showed interest and started accepting these technologies and people are aware about them. The youth is already familiar to the face recognition technology therefore the user already knows how this works for them. Also, there are several additional features that can be introduced to these mobile applications. Such features include as the introduction of the smart mirrors and the virtual try on tech options app; such as Perfect 365 and Sephora. 

Cryptocurrency market and cosmetic industry

Talking about the cryptocurrency market, it is expected to hit the mark of $1 trillion this year. And, this has attracted many companies to adopt cryptocurrency as a mode of payments. Companies of hair-care brands such as R+Co have already started accepting payments in form of bitcoins for their dry shampoo. The more acceptance has boost up the market for the industry companies such as Opu which were founded some years back have shown tremendous progress in the market. In fact the numbers of the customers have doubled, and the number is continuously rising and setting new benchmarks.

According to the Founder and CEO of the company, Mr. Bookman, the company’s sites has been visited by people from 189 countries which is definitely impressive.

The company Opu has recruited top most dermatologists for skin related problems. These dermatologists help the company to perfectly design the technology for their users. The age today is the modernization age. Soon, the robots will be replacing most of the human work. However, in cosmetic and dermatology, it is expected it will be a human field for long. But, blockchain is all set to decentralize the cosmetic industry. 

Closing thoughts on decentralization of cosmetic industry

According to Mr. Bookman the blockchain technology is still in progress. Several new features are being introduced to it to perfect the craft by sharpening the algorithm that is being used.

Apparently, working on some other additional features such as the tracking of the efficacy of the products will help. Also, it is not far that one will be able to set goals of reducing acne within 30 days. That too, will be possible soon with blockchain and decentralization of cosmetic industry. Users all around the world will be able to connect with the topmost dermatologist advice through the app. Also, the blockchain-based app proves to be quite secure for the users to enroll themselves in.

By | 2019-06-20T10:51:46+00:00 June 20th, 2019|Beauty and Wellness, Blockchain|Comments Off on How blockchain and cryptos can decentralize cosmetic industry

About the Author:

Sonal Mehta is a Content Lead at Solulab, USA based leading Blockchain Technology, mobile apps and software development agency, started by Ex vice president of Goldman Sachs, USA and Ex iOS lead engineer of Citrix. Solulab help build startups - we are a no-sweat technical partner for early stage entrepreneurs to launch ideas from scratch and for later stage startups to build more quickly and affordably.

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