Edge banding is typically applied to the sides of plywood and other veneered panels to give the project a solid-wood look. This pre-sanded premium edge banding is real wood with a hot-melt adhesive backing.
The 7/8" edge banding is ideal for 3/4" thick panels because it allows a bit of overhang and makes it easy to trim flush with an edge-trimming tool. Check out this article to learn more.
Pre-finished edge banding is also available in several species.