The Physical Backed Token (PBT) is a new open-source token standard that connects a real-world object to a digital token that is stored on the Ethereum blockchain.
The BEAN Chip, a physical cryptographic chip that makes its own asymmetric key pair, is used for the first PBT implementation.
The hardware is able to create a new experience called “scan-to-own” because of PBT.
There are already digital tokens that represent physical items, but the two are often separated after the mint.
PBT is a standard that includes decentralised authentication and tracking of the ownership lineage of physical items, all on-chain and without a central server.
The following owner will be able to “scan-to-own” the same physical item if the original owner decides to sell or give away the item to a new owner. This will make it possible for the PBT to be transferred from the original owner to the new owner in a decentralized manner.
Tokens that are stored digitally are what are now being utilised to gain access to physical drops. And now, with the help of PBTs, we’re able to harness the potential of using real-world objects to create digital experiences. Today marks the beginning of a brand new generation of stories and experiences.
PBT can be used to begin creating using by developers at pbt.io. This is the location where the EIP submission, the technical documentation, and the open source GitHub repository can all be found.
PBT gives brands a new way to tell their stories. As a holder, you can build a collection that includes both digital and real items, trade authenticated items, or take part in real-world quests.
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