Physical Backed Tokens also known as PBTs are a new token standard that connects a physical real world item to a digital token on the Ethereum network. The open source standard was launched by the team over at Azuki for their collection of Skateboards in partnership with Chiru Labs. Each skateboard comes with a chip that when scanned with a smart phone can verify on chain ownership. This waves the way for what they’re calling “scan to own”.
Other use cases from the Azuki press release include:
Decentralized authentication of goods: Authenticate a physical item by simply scanning it with your phone.
Tracking ownership lineage of physical goods: Verifiably prove the past and current owners of the item, enabling brands to build product experiences for their audiences.
Using physical products to create digital experiences: Owning a digital token can unlock physical drops, and now owning a physical product can unlock digital experiences.
Introducing the Physical Backed Token (PBT): an open source token standard tying a physical item to a digital token on the Ethereum blockchain. pic.twitter.com/iXavmJR5xv