This reminds me of when people talk about tokenizing real estate (or other physical property) on a block chain. Or those idiots who talk about "gold backed cryptocurrencies". It sounds feasible at first.... it sounds more efficient and more decentralized. Until you realize the obvious truth....

... physical property always requires a centralized physical institution with a monopoly on violence. Without the U.S.'s military to enforce property rights, Russia would just come take your house and they wouldn't give a shit whether it's on a blockchain or not. Which means, they'll continue using their centralized databases to maintain "ownership" because they are cheaper and easier than a decentralized token.