Is blockchain the solution, beauty and wellness industry looking for?

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Is blockchain the solution, beauty and wellness industry looking for?

Blockchain technology is dominating every field whether it be industrial, health, banks the impact of technology has even touched the beauty and wellness industry. According to the report by Inkwood research, the figures depict that the Global Beauty and Personal care products market is expected to grow from $432.7 billion in the year 2016 to $750 billion by the year 2024.
The highest contribution in this market is expected by Europe with around $225 billion in the next 5 years.

However, it has been observed that the beauty industry is one of those industries which has yet to use the potential of digital technologies.
Even today most of the spas, salons and wellness centers are dependent upon the telephone and pen paper method for the bookings of the customer.
   

The new trend in the beauty and wellness industry

There has been the introduction of JOLLY for online booking in the beauty industry. This has resulted in improving efficiency and faster payments in the beauty industry. It has been quite successful since it was launched in the year 2016, for revolutionizing the business of beauty industry in Europe resolved the problem of appointments, save the time of the users moreover a new form of payment method was introduced which is more convenient.

Now blockchain is being used to upgrade this platform so that more salient features can be added to the platform. JOLLY was introduced with the aim to change the traditional method in the beauty industry and provide much effective beauty booking system. With the introduction of blockchain, it will be led to effective interaction between the buyers and the sellers.

Also, with the help of this, the users can book their appointment anytime 24/7 and they can also find the best prices and check the availability of the sellers, also they can receive awards and the buyers can make the payment in form of native token of JOLLY which is JOY.

The blockchain will provide complete transparency and with the help of this, the seller will also be able to compare themselves with their competitors in terms of the services and the prices and will also be able to receive the feedback of the customers. JOLLY is one of those platforms which is working to popularise the use of cryptocurrencies. According to JOLLY women, makeup around the 70 % purchase of the household and are responsible for $20 trillion in yearly consumer spending. It has been depicted that this figure is going to rise up by 40% in the next 5 years. Therefore to make the use of cryptocurrencies widely applicable it is quite necessary to indulge more and more women into it and platform such as JOLLY are expecting to bring this change as they are introducing the women to the crypto world through their respective platforms.  

Several blockchain projects solving the hurdles of the beauty and wellness industry

Companies from Korea and Japan, are introducing several projects and are making huge investments in this industry,  for the development of a business which involves cryptocurrency.

Beautybloc – This blockchain company was introduced so as to look after the problems related to the cosmetic surgery industry. Some non-specialist is tacked by problems such as the wrong advertisement, wrong treatment. It also looks after to restore the faith lost by the industry.

BeautyBloc is a South Korean based large-scale project. It comprises of various information such as the data of the customer, the content related to the treatment of the customer, also it consists the information about the specialist who is going to look after the treatment and other stakeholders. Thus, it plays a very important as with the help of this unauthorized treatment can be prevented and there are fewer chances of fraud in this case.  

Blockchain connects the manufacturers and consumers

There are several platforms such as Cosmochain with the help of which the users can get connected to the suppliers , manufacturers, distributors etc.  The platform uses blockchain technology for its functions and it receives a huge amount of investments too. The platform has its own virtual currency which is called CosmoCoin / COSM the payments are made in this form in the platform.

COSMEE is the application which is developed by the company and with the help of which rewards in the form of virtual currency and in the form of services can be granted.

RVH co. Ltd.

It is one of the major beauty companies in Japan.  The company has its subsidiary under the name “Minor Garage”.
The role of this is the mining of the virtual currency and blockchain related business. The company promoted the development and also run several projects such as the training of the blockchain engineers.

What the future holds

Thus, blockchain has knocked the doors of the beauty industry as well and has made beneficiary changes to it and soon it is expected that the worldwide beauty industry will soon be under the influence of this blockchain technology.

 

By | 2019-05-31T13:42:23+00:00 April 26th, 2019|Beauty and Wellness, Blockchain, Emerging Technology, Technology|Comments Off on Is blockchain the solution, beauty and wellness industry looking for?

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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