The physical assets brought on chain only represent their value, in order to obtain tangible benefits along with their functions at will you must have real physical possessions.
-snip-
This is essentially a whole ecosystem. There are some companies working on this but they all seem to be very centralized.
If the physical asset is here as a backup, then it is guaranteed that it is centralized regardless of what blockchain technology is used. Because basically the developer has access to the backup assets.