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Protection of DIP has always been a concern, and there has never been a perfect solution. To manage the rights of the DIP and to avoid digital piracy, we need a system that prevents unauthorized access to digital content and manages content usage rights. DRM is still at the nascent state, so, there are very limited number of DRM based solutions available in the market. Current DRM researches remain confined within the areas like music services and E-book publishing. There is no DRM based solution in E-commerce transaction system for protecting DIP transacted over the Internet. Thus, in current E-commerce transaction model there is a strong justification to develop a DRM based DIP protection model called Digital Intellectual Property Rights Management System (DIPRMS) that is expected to become an effective tool in overcoming all functional deficiencies and that may be used safely to transact DIP in E-commerce system. Object oriented modeling is the latest trend of software engineering towards development of high quality and secure software. Proposed object oriented analysis and design of DIPRM based transaction system of E-commerce with the help of Unified Modeling Language (UML).