Author ········· Kate Dillen
Medium ········· Digital
Publisher ······ Create & Cultivate
Published ······ February 2023
Category ······· Beauty; Digital; Cryptocurrency 

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How the Beauty Industry is Using Blockchain to Tackle Transparency Issues and Drive Loyalty 

When you hear the term “blockchain,” it’s unlikely that the next words that come to your mind are “lipstick,” “cleanser,” or even something as broad as “cosmetics.”  

Because the beauty industry is fueled mostly by females and the cryptocurrency scene is primarily dominated by a male audience—women make up only 15 percent of Bitcoin traders, according to investment platform eToro—it’s no surprise that blockchain isn’t commonly associated with cosmetics and personal care products.

But blockchains infiltrating the beauty industry would be quite the lucrative move, since the global cosmetics market is projected to reach $758.4 billion by 2025—with male beauty alone set to reach $276.9 billion by 2030.

What do beauty brands stand to gain from using blockchain platforms? Aside from adopting cutting-edge technology to keep up with an ever-evolving innovation landscape, one of the biggests answers is something that the beauty industry has been historically lacking: full transparency.