In well developed countries the greatest issue might be technical; how to reduce overhead and human errors. Also how to prevent corruption/abuse. In these cases an immutable record like the blockchain might be a good improvement.
On the other hand, the greatest benefits of a functioning system would be where the systems just don't work today, like developing and former communist countries. In those countries the problem clearly isn't technical. Technical solutions have already existed for decades, but the things still just don't work in these countries. The problem is clearly more political. Anyone can submit a claim of property ownership to a blockchain, but who are the contract parties? What enforces ownership in the physical world? It must be a sovereign authority, and the record on the blockchain is valid only if the authority recognizes it.
If a land registry on a blockchain gained some massive approval and adoption in extralegal communities of developing countries, it could have a chance of becoming the de-facto system and to force the authorities to recognize and even adopt it. It will take years and decades to happen, and meanwhile some authority is needed to settle disputes. It's no small problem, but let's hope it happens. Hats off to those making an effort to improve the situation. There is massive potential in solving this dead capital problem.
The fact that western countries are experimenting with blockchains might showcase the potential to developing countries. Copying systems from well functioning countries would be a good start in a positive change, so it's nice to see Sweden taking lead.