The way I saw it, someone would download an album from iTunes which is signed over to the customer who then OWNS that item and it has value (I dont think people consider there mp3 collection as valuable at the moment, napster/p2p has changed that - not that digital music ever had value - but now we have the blockchain....
I think smart property could be made to do wonderful wonderful things for society (or not in the wrong hands), in a lot of areas!
Well, that's the happy version.
Unfortunately, that's pretty much the opposite of what we've seen of copy protection/DRM over the past 30 years - the "smart property" will likely be used to make sure that if I buy a new computer or a new car stereo, I have to re-license all of my music again, or pay an extra fee so I can enjoy my content on a new device . . . or that if I sell my device, all of my content will disappear, and the new owner will need to re-license it. And if the device gets confused about the facts and circumstances, it may deny me what I've paid for, and since I'm "arguing" about my "rights" with a computer who thinks it knows all of the important facts already . . .
I am not saying that DRM is
inherently evil - but that it has traditionally been designed not to protect the rights of people we'd think of as owners/consumers, but of the rights of publishers/lenders/sellers. That probably sounds good if you identify with those classes of people - but I spend most of my time using software written by other people, and machines designed by other people, and I spend more time than I'd like trying to work around practical problems with copy protection/DRM that prevent me from doing the things that I've (approximately) already paid for.
(e.g., I have paid for probably 8 licenses for Adobe Acrobat, and I have five people in my office who need to use it from time to time - but I am reluctant to re-image some computers, because I am not confident that I will be able to reinstall Acrobat, even though I've paid for it.)