Revolutionizing E-Commerce Warranty Management with NON-FUNGIBLE TOKENS (NFTs)

Abstract

Shopping online involves many risks in determining whether an item is genuine or counterfeit. Customers can have more peace of mind when purchasing items online if they can get a digital warranty with a physical product. NFTs are unique digital assets that can be easily verified on the blockchain. By using NFT for warranty representation, e-commerce companies can create a tamper-proof record of warranty coverage, streamline the claims process and reduce fraud. In addition, NFT can allow eCommerce organizations to implement new business models and discover new revenue streams, such as the ability to offer extended warranties or individual warranty packages to customers The proposed work discusses the potential benefits and difficulties of implementing an NFT-based eCommerce warranty system -Provides examples of use-cases They are extremely difficult to fake, and can be easily tracked and verified using Blockchain Explorer. To provide the aforementioned feature, we developed a demo-ecommerce website that offers a digital guarantee in the form of deteriorating NFTs in addition to the actual physical product.