Fashion Institute of Technology (FIT) Blockchain Beauty Study

Blockchain is a system that provides industries with more transparency and one industry that may stand to benefit from the technology, in particular, is the beauty industry. A recent study published on the Fashion Institute of Technology stated that the technology is something that consumers “crave.”

For consumers, a great deal of trouble arises from having to choose beauty products. Many options tend to underperform and worse yet, some of them can cause adverse side effects and reactions. Such issues have led to a higher level of demand by consumers for transparency and quality. A study issued by the Fashion Institute of Technology made finding in support of these qualities and they are as follows:

  • A majority of consumers are interested in explicit statements concerning ingredients
  • Many consumers want more safety from ingredients
  • A majority of consumers want beauty companies to provide insight into where ingredients are sourced from
  • A majority of consumers are interested in products with natural ingredients

Blockchain technology may be able to provide consumers with the transparency that they are striving for. FIT issued a press release about blockchain technology’s impact on the industry, stating, “Levrag[ing] blockchain and crypto-anchor technology to validate the product journey from source to skin, while also combating the industry’s gray market and counterfeit problem.”

The technology that many beauty companies may implement is called crypto-anchor and its popularity is growing. The technology is a small device that is embedded with a security code that authenticates products with cryptographic signatures. According to Arvind Krishna, the head of IBM research, “They’ll be used in tandem with blockchain’s distributed ledger technology to ensure an object’s authenticity from its point of origin to when it reaches the hands of the customer.”

Further, the technology may also be able to prevent counterfeiting, which has had a seriously negative impact on the beauty industry and upon consumers. To date, one well-known beauty brand has implemented the technology. The company, called JOLYY, has begun the transition. In 2018, the company announced that it would utilize the technology to prevent false transactions and to promote efficiency and to ensure that commissions are issued at salons. The company has stated, “The time has come to replace the proverbial ‘mirror’ with clear glass.”

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