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NFTbased E-Warranty system

Trust and transparency - guaranteed with our blockchain-powered warranty system.

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NFTbased E-Warranty system

Trust and transparency - guaranteed with our blockchain-powered warranty system.

The problem NFTbased E-Warranty system solves

The existing warranty system has the following limitations:

It is non-transferrable.
It is unable to monitor any modifications made to the product.
A new buyer cannot verify the authenticity of the product.
Reselling the product is incomplete since the warranty remains with the previous owner.
Tracking the warranty can be cumbersome.

The proposal is to convert ownership authenticity and product warranty cards into decaying NFTs, as follows:

Brands and retailers can create an NFT for each of their products and provide customers with both the physical product and a digital version of it.
The digital NFT can be used by customers to authenticate the product, establish ownership, and transfer ownership upon resale.
The brand/retailer can also link the digital NFT to their warranty program, allowing owners to track repairs and replacements to the original item.

The purchase of warranty systems is encouraged.
An NFT is generated when a buyer purchases a product, and after the buyer verifies their identity (through a signature), the NFT is minted in their name.
Customers can verify their ownership of the product through the NFT.
If the product is still under warranty and the owner decides to sell it, the NFT ownership will be updated to reflect the new owner.
Once the warranty period has expired, the NFT will automatically dissolve.
All repairs and replacements during the warranty period can be tracked, providing transparency for future owners.
The process of claiming service can be automated.

Challenges we ran into

Working on the NFT based warranty system is quite fun project my team is worked. But We will definetly except that that it was a one of the most challenging project which included the implementation of keepers and smart contract resolvers. That is completely new for us. We faced some problems using of web3js with nextjs. that was pretty difficult to predict

Tracks Applied (1)

Blockchain

The proposed project of a blockchain-based warranty system fits well within the domain of blockchain technology for seve...Read More

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