Blockchain suffers from the same problem. What happens when someone compromises the network by taking over 50% of the computing power then transfers all deeds to themselves? Or hacks or exploits a bug in the smart contract and does the same? Hopefully if that happens then you can appeal to some higher authority to get it fixed, but then what is the point of using the blockchain or smart contracts in the first place since you could get the same result under our current system without the computing overhead of blockchain.