NFwarranTy

The ecosystem that will integrate your block with the blockchain.

This section is under construction

NFwarranTy will use blockchain technology to Abolish Home Service Terrorism!

Perhaps this 8 minute video will be helpful to understand the depth of that mission statement.

“Our Non-Fungible Warranty Protocol will save HVAC equipment manufacturers millions if not billions of dollars in warranty servicing expenses. Those savings will motivate them to require contractors and homeowners to adopt the platform.” ~ Daniel Adkins

Let Daniel explain his quote:

In 2005, when I started in the HVAC industry, the standard warranty offered by manufacturers was 1 year on all parts. But, the ‘big news’ that had just dropped was that Goodman (the leading manufacturer) had just begun offering the industry’s first 5-year compressor warranty.

At the time, we (the distributor) were compensated nicely for managing warranty claims. Claims were non-existent (just don’t go over budget). Parts + Margin + Processing were covered up to the budget, paid by the manufacturer.

When the industry standard warranty period increased, the requirements for processing warranty claims evolved too…

Today’s Industry standard is 10 years on all parts (for registered equipment) and a reduced warranty for non-registered equipment. Claim forms must be submitted for every part (on which there is no mark-up to cover the labor of processing the claims) so contractors often pay a warranty processing fee (which is added into the price of their services) Many parts need to be returned, Equipment maintenance schedules must be submitted, The whole process is a mess with a TON of waste and opportunities for fraud.

ex: Manufacturers require annual maintenance on the equipment because it’s proven that annual maintenance will reduce the number of break-downs over the lifespan of the equipment, but it’s currently impossible to police. {for example, someone in the supply chain (homeowner, contractor, distributor, etc) will “fudge” the maintenance records to process a claim}

The plan for NFwarranTy is to develop the NFT and Smart Contract framework in which Manufacturers can automate warranty servicing to produce incredible savings by automating registration, validating warranty eligibility, automating claims as well as isolating poor install practices and educating or eliminating those contractors. This system will also give manufacturers the infrastructure they need to offer increased or “lifetime” warranty periods because they will be able to police the requirements of said warranties. (Daikin is offering 12 years leading the industry)