- The Azuki NFT project has launched a new token known that connects real-world goods with virtual tokens
- The Ethereum-based Physical Backed Token (PBT) will represent physical ownership
- Azuki intends to leverage the token to keep tabs on who owns what in the physical world but using decentralised technology
The Azuki NFT project has launched a new token known that will connect real-world goods with their digital match on the Ethereum blockchain. Azuki is confident that its Physical Backed Token (PBT) will help fully tap the power of blockchain technology to determine who owns what in the physical world. The project allows a user to scan a QR code to mint PBT making them the recognized owner of a physical product.
No Permission Needed
In a Twitter thread posted on Monday, Azuki said that the project will be open to anyone, allowing individuals to leverage the technology without seeking permission from its creators. Azuki will rely on a hardware chip called the BEAN Chip that will interact with the token to generate a key combination that unlocks the “scan-to-own” experience.
The experience enables users to scan the chip to initiate a PBT deposit to an owner’s wallet and minting PBT along the way.
Our first implementation of PBT uses the BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair.
PBT enables the hardware to create a new experience we like to call “scan-to-own”. pic.twitter.com/yPyHDXLv1A
— Azuki (@AzukiOfficial) October 17, 2022
When the item changes hands, PBT also leaves the current owner’s wallet to the next owner’s wallet. According to the Azuki team, the technology opens the door to decentralised authentication, tracking ownership of tangible items and creation of virtual experiences hinged on real-world items.
Is Azuki Late to the Party?
Despite its revolutionary nature, the project stirred mixed reactions. For some, PBT is the key to curbing counterfeits in wine, cigars and high end luxury goods sectors. Others, however, observed that Azuki is a little bit too late to the party since the technology is already available in the market.
Translation: @AzukiOfficial uses readily available NFC chip technology and links it with an ERC-721 token. Fancy marketing lingo though. #pbt https://t.co/KX8P71VFhN
— Meysam (@W3Meysam) October 18, 2022
While Azuki acknowledges that there are other projects already representing physical products on the blockchain, it disclosed that its project’s uniqueness lies in keeping the link between the physical and virtual token “throughout the item’s lifecycle.”
