[JohnFen]

> as it stores and establishes cryptographic proof of ownership.

But if the entity that is charged with keeping track of who owns what needs to keep a central database anyway, what value does keeping the ownership records elsewhere bring? I see doing that as accomplishing nothing but increasing the number of things that can go wrong.

When it comes to things like real estate, the "proof of ownership" is completely without meaning unless you also have the extra data beyond that. Things like where the land is, what the boundaries of the property are, etc.