"By encapsulating ownership, Peerless dispenses with all such third-party registries. This is a huge advantage to Peerless, anticipated to some degree by Bitcoin and the blockchain technology, but with the promise here of being carried to fruition. Peerless removes the need to rely on third parties because the individual can handle the task of reassigning ownership directly without their help."

You dispense with third party registries but you do not show how an individual is kept from double spending.  Since things can be anonymous (good thing), there is no way to even know if a double spend occurred (very bad thing).