An urgent new focus for the beauty industry is transparency. It’s harder to demonstrate to the consumer than it might sound. Amid growing scrutiny, beauty brands are turning to blockchain to help boost consumer confidence.
Blockchain, a secure and decentralised means of recording and storing data, helps brands to deliver transparency. EM Cosmetics, set up by beauty entrepreneur Michelle Phan, is taking it one step further: the company has partnered with Lolli, a Bitcoin rewards programme that allows customers to earn parts of Bitcoins called Satoshis via a browser extension when they place an order.
“The younger generation are hyper-conscious about what they want to buy, and they will boycott with their wallet if they don’t agree with what a brand is doing,” says Phan.
Published by Daniela Morosini 5 January, 2021
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