Modernising E-commerce Warranties using Non-Fungible Tokens on the Blockchain

Abstract

With the rise of internet accessibility and situations like the pandemic, the world has seen an ever-increasing number of people turning to online shopping. Over the years, these E-commerce websites have been able to win the trust of their users. With this trust in mind, people have started buying high-value goods like electronics, smart gadgets and even furniture. While these goods are delivered with ease, another important concern in regard to these items is product warranties. Present-day warranties exist in two forms a) Physical Warranties and b) Digital Warranties. Physical warranties involve paperwork, can be easily tampered with and manipulated and are almost non-transferable. Digital warranties, although they do not need paperwork, do not ensure complete ownership transfers. To overcome the abovementioned issues, we propose a new blockchain-based solution. Our proposed solution uses Non-Fungible Tokens to issue and verify warranties. This research proposes a new way of issuing, managing and validating product warranties by making use of Non-Fungible Token(NFT). The NFT Warranty stays on the blockchain as long the warranty is valid after which it ‘burns’.