Before working on the ethereum protocol, Yoni Assia & Vitalik Buterin & Meni Rosenfeld published the
whitepaper of a project called colored coins.
Contrary to the project title, the project is based on coloring TXs, not coins (bitcoins), since bitcoin is originally designed to compare UTXO rather than distinguishing wallet balances.
By re-examining the wallet approach from an orthodox perspective, new consensus algorithm approach with the proof of having crypto-assets, each of which is uniquely issued and have unique identifier will be promising.
I am currently working on this and I believe that redeveloping the bitcoin system to handle wallet balances can easily decentralize any real-world asset.
If anyone feels similar about this, they can share their ideas.
I will publish a pre-whitepaper about this in the coming weeks.