Hydrogen peroxide( H2O2) is a very strong oxidizing agent. Despite it having its own benefits, its also got effects when it comes in contact with the skin. For instance:
Its got a bleaching effect. When it falls on the skin hair, it breaks the chemical bond of the color forming molecules.T he hair will, later on, lose its color.
Also, it can burn your skin. Since its a very strong oxidizing agent, it corrodes all kind of materials including the skin.
Finally, it can cause allergic reactions, this usually results from hair dyes. Hair dyes contain the powder and the hydrogen peroxide. When these two are mixed, they become very corrosive and can cause allergic reactions like burning sensation and inflammation.