NFT Collection Azuki Launches A Product That Connects The Real World To Blockchain
The famous NFT project Azuki has released a new product called PBT (Physical Backed Token) to create a connection between the real world and blockchain.
PBT is a new Ethereum token based on the ERC721 standard, linking a physical entity representing the token on Ethereum.
PBT will use a BEAN chip – a cryptographic chip that attaches an object to the PBT to verify the authenticity and prove ownership, can generate asymmetric key pairs, achieve decentralized authentication, and trace the ownership of physical items.
Asymmetric encryption is a type of encryption that comes after symmetric encryption and is also known as public-key encryption technology. This solution is more secure than symmetric encryption because it uses two separate keys for encryption and decryption processes.
As introduced by the Azuki team, tokens representing existing physical items will be forked after minting. Besides, PBT is a standard that features decentralized authentication, tracking ownership of physical items completely on the blockchain and without a centralized server.
If the actual item is sold or donated to a new owner, the next owner can use the scan-to-own feature of the same item, allowing the PBT to be transferred from the owner. previous owner to the new owner.
Finally, PBT is completely open-source and is now available to the free community to build on. In addition, the project is also released under the MIT License – a license to use open-source software developed at the Massachusetts Institute of Technology.
This seems to be Azuki’s remarkable effort in the context that the NFT market has not yet been able to get out of a serious recession due to the impact on the industry’s general level in recent times.
However, Chiru Labs, the company behind Azuki, has successfully raised $30 million in capital to continue to expand and develop.
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