But, we trade digitally all the time. The current implementation of smart contracts might preclude a digital trade, but that doesn’t mean that “blockchain” can’t enforce a digital trade. Yes, there will ultimately need to be another judge or enforcer (like the government). When I trade commodities, I’m relying on a legal framework to make that trade enforceable. We might not have all the legal frameworks for DLT, but fundamentally most of the law isn’t going to be that different from existing digital trades.

Mattereum is pretty interesting in that respect (I’m not affiliated).