BLOCKVERSE- SECURING WARRANTY SYSTEMS THROUGH NFTs
- The product's current market value is not linked with the warranty and is not transparent. Hence authenticity of the warranty is not established.
- The goal is to replace physical warranties with blockchain-based warranties that use NFT to ensure security and validity.
What it does
Using the blockchain smart contract, users will be able to prove ownership. The warranty card will feature the item's serial number and be delivered to the customer's smartphone after the sale. It will also provide information about past purchases, the warranty duration, and other product details. The NFTs will have a decaying nature in that they shall no longer be valid for the brand's or retailer's warranty benefits after a set time.
Transforming warranty and ownership cards into deteriorating NFTs. For each of your products, permit brands and merchants to provide an NFT that enables buyers to receive both the physical product and a digital version of it. Then, customers can use the digital NFT to confirm the legitimacy of their purchases, demonstrate their ownership of them, and transfer ownership when they are sold again. Additionally, the brand/retailer will be able to connect the digital NFT to its warranty plan so customers may follow the progress of repairs and replacements of the original item. Once the warranty has expired, the NFT will decay.
Customers can check for product fraud by items serial number generated during the purchase of item and sent to the customer's phone. By obtaining information about every genuine item sold in the market, the maker can keep goodwill while the customer can be sure the thing is real. As the app will be Decentralized App(DApp), every user(node) has access to all the data. Customers,Retailers & Manufacturers can verify/check the data anytime because there is no central authority to control the access of data. Through the use of reporting and analysis provided by advanced warranty solutions using NFTS, business managers may monitor the effectiveness of their warranty program. It is possible to enhance and refine what is measured and tracked. Intelligent dashboards built into warranty solutions provide pertinent information for better decision-making.