The Warrantoken protocol ("protocol") is a suite of software designed to automate and secure the product warranty process on the Ethereum Blockchain. The protocol, based on publicly and cryptographically verifiable proof of purchase and proof of ownership, allows manufacturers, brands, retailers and any other party to create warranties any products, services or digital goods sold, issued and traded online. Item ownership information is stored on the Ethereum network and can be queried to Authenticate the user and prove ownership. Item data is stored off-chain to reduce costs. The next major update to Warrantoken is a scheduled upgrade to a standalone blockchain platform in order to improve efficiency and make the system free or nearly free for businesses to register items. Warrantoken v2 will use the same smart contract code.
The protocol is the base layer of the Warrantoken ecosystem. It is used by brands to create warranties for their products, which can be represented with a QR code and included in any packaging, physical or digital. It is used by customers, including many first time users of digital tokens, who download the Mobile application and other clients to activate their product warranties.
A customer rewards and general purpose token, WTK, is an additional layer on the protocol which rewards users, introduces consumers to cryptographically secured digital assets, promotes the Warrantoken mobile app and protocol and allows for general purposes token transactions via the wallet on the main screen of the Warrantoken mobile app.