This is why the only reasonable use for blockchains is a fungible cryptocurrency: the chain can only provide consensus, and the only meaningful value of a coin can be the global desire for fractional ownership of the whole system. 

If you try to add special meaning to specific tokens, that needs to be enforced both in code and law. This favors those who control the software over other participants, and ultimately relinquishes sovereignty to whichever State the effect is supposed to happen in. Once control has been ceded to the State it becomes obvious that the blockchain provides no value beyond a simple Merkle tree, and since the State is the only real sovereign actor, they'll prefer to use a database that they have full control over.

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