Blockchain technology may offer a solution for consumers to determine whether the claims made by cosmetics manufacturers are factual and drive the beauty industry to become more accountable for its products.
According to Glamour Magazine, a survey that polled more than 20,000 Cult Beauty customers revealed that a concern among buyers is the transparency of beauty products.
Today, manufacturers are making a variety of claims for products such as ‘vegan’, ‘cruelty-free’ and ‘coral reef-safe’, labels that are difficult to verify for the average consumer.
However, blockchain technology could present a solution to the issue, with players in the beauty industry already implementing blockchain solutions on their platform.
For example, online retailer Cult Beauty has been working with developer Provenance to promote transparency for beauty products.
“Transparency has always been at the heart of Cult Beauty; in fact, our whole raison d’etre was a reaction against the pseudoscientific marketing mirages that drove the beauty industry at the time. We are always looking for ways to empower our customers with the information they need,” said Alexia Inge, Co-Founder of Cult Beauty.
According to Cult Beauty, Provenance has developed a platform that uses blockchain and open data technology to share information about beauty products. For example, for brands that label their cosmetics as ‘vegan’, Cult Beauty will provide the definition of the ‘vegan’ labeling while offering supporting documentation such as lab test results.
Cult Beauty revealed that with this platform, customers gain a “much more transparent shopping experience” with currently almost a dozen brands participating in the blockchain-enabled initiative.
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