When heard about this scheme my first thought was that some hotshot with absolutely no sense of history or common sense came up with it and pushed it to a group of equally ignorant nodding heads who saw the efficiency but not the danger of it running out of control. Most likely one older guy tried to raise a red flag and was roundly insulted and not invited to the next golf outing.
From the dawn of human history ownership and transfers of real estate have been thoroughly documented and still there have been disputes, but these assholes thought the new system was foolproof.
Arrogant assholes, not thieves. Thieves are easier to deal with and usually cause less trouble.