Smart Warranty
Abstract
A series of risks are involved with purchasing items online, particularly whether the product is authentic or not. Paper-based warranties are typically issued by retailers and producers for products as proof of origin, sale, ownership, history, and quality. However, paper warranties are subject to counterfeiting, loss, or theft. In this paper, we have shown how non-fungible tokens (NFTs) and blockchain platforms such as the Ethereum blockchain can be used for digital certification, ownership proof, sale history, and quality. We demonstrate that our proposed NFT and blockchain-based solution can provide a superior alternative in terms of verifiability, traceability, immutability, and security when compared with paper-based warranty and ownership management. If this solution becomes the new normal in the industry, products without a warranty as an NFT may not be authentic, which will allow consumers to choose legitimate items. In this paper, we have presented a system that facilitates the buyer’s claim for warranty on the product and decays the warranty card as soon as it goes out of warranty. The record of every transaction is maintained on the blockchain and is accessible to both the buyer and the seller. This system reduces complexity and the number of intermediaries involved.
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