We developing an application with Laravel/PHP and we want to use an pay-per-user pricing model. For that we have to ensure that an account can only used by only one concurre
Anyway you need to store token in db.
For that purpose you will need super fast storage. Redis will be perfect.
On new login just replace token with new one.
Every time user makes request check if token matches the one you have in redis. If not then kick him out.