The Decentralized OBIT NFT Registry for Physical Assets
OBADA defines an open standard for “physical NFTs”.
Physical NFT’s are non-fungible tokens which act as the “digital twins” for a physical device. These physical NFTs are called “OBITs”
An OBIT NFT acts as a digital certificate of ownership, making the asset easier to buy and sell. It can act as a “carfax” because it can store the complete service records of a device. It can be used to verify authenticity, to track if the object’s data has been wiped, or to find out if the device has been recycled. It can even store an IOT endpoint to open a secure communication channel to the device itself.
OBITs are self-sovereign and convey legal rights. You don’t need permission nor authority from anyone to create or store them. Legally, OBITs are assets, defined as property per the Wyoming Utility Token Act.“ in the blockchain-friendly State of Wyoming where OBADA is incorporated.
The OBIT NFT Address** and the USN
The OBIT NFT address is an algorithmically generated cryptographic address based on the devices’ serial number and other human-readable immutable information. Since much of the asset disposition sector relies on human-keyed information, a human readable 8 character “URL-shortened” version called the USN “universal serial number” is also generated based on the 64-character cryptographic address.
The data associated with a physical device, including service records, ownership history, proofs of end-of-life asset disposition events, and IOT endpoints, must be verified and stored as files somewhere. The OBADA NFT Data Registry is a permissioned decentralized namespace which stores the location of these files, associated to the physical device by the OBIT NFT address (or USN).
The OBIT NFT Registry
The OBIT NFT Registry is like a card catalog. It tells you where the books are located and when they are borrowed, but the library cards and the books themselves reside separately. With current blockchain technologies, it’s too too expensive to store the data (the “books”) in the card catalog itself, so only a “pointer” to the data is stored, along with data a proof that it hasn’t changed called the **OBADA Data Root Hash”.
A self-sovereign and deterministic architecture
No registration authority or centralized form of control is needed to implement OBIT NFTs or the OBADA NFT Data Registry. The data methods described above are completely self-sovereign and deterministic.