Sorry just seeing this now. Both, actually.

Avi Spielman, in "Blockchain: Digitally Rebuilding the Real Estate Industry" does a terrific job addressing and exploring "aspect(s)- recording property titles- by comparing the benefits and limitations of a blockchain with those of the current record keeping system."

dci.mit.edu/assets/papers/spielman_thesis.pdfdci.mit.edu/assets/papers/spielman_thesis.pdf