Comment by lottin

No, the basic problem is ownership rights over physical objects can't be enforced without coercive power, but blockchains and smart contracts can't use coercive power, therefore they would have to rely on an external entity to enforce such rights. But then the system is no longer "trustless", "permissionless", or "censorship-resistant", and therefore we have none of the supposed benefits of blockchains but we do have all of the inconveniences, which means at this point we're better off with a centrally-managed registry which at least is cost-effective.