Stack
Issuance and tokenisation
Who is allowed to create the record, and what claim it is allowed to represent.
The decision
Name the asset, the issuer, and the legal document. A token without those is a technical object, not a product.
When a chain is the wrong layer
If a single operator already holds the legal right and the users, a database with permissions is often the better system. Add a ledger when several parties must share a record none of them should silently edit.