The question of property is not as easy as it first sounds. William Blackstone, a judge circa 18th century England, defined property rights as "sole and despotic dominion." It's no accident that this formulation coincided with the Industrial Age, which has been largely founded on the premise that control over nature / other is a worthy goal. Our conception of property, while certainly becoming more sophisticated over the last 250 years, has not really shifted from this basic notion.
One of the ways property rights have evolved is that today there are limits to "sole and despotic dominion". In many neighborhoods, I could not paint my house with green polka dots, as this would violate code. So, The State (as a proxy for the community at large) places restrictions on what I may do with my property if I want it to remain mine.
However, I would assert that The State may not be the most effective or efficient arbiter in property rights. Consider the following: the bank can own a completely unused house (appropriately painted), acquired through foreclosure. I doubt many people would claim if pressed, that the unused yet appropriately painted house was more beneficial to the community than my lived-in green polka dot house next door. Clearly something is amiss with the way we assign property rights today.
One thing is clear. Property rights are derived the perceived benefit to the community (or at least non-harm) from one person or group's stewardship of what is owned. I will lose my car if I use it to run people over. I will lose my house if I use it to refine crack cocaine. So, given the rise of online tools that can instantly reflect public sentiment, perhaps it is possible to disintermediate The State as the sole authority in this matter. What if we were to look towards the proverbial wisdom of the crowds as a way of determining property rights? The state has proven itself clunky at best in mitigating modern society. Perhaps there is a way of moving this function of defining property rights out of the state's hands and into a more dynamic, adaptable, and democratic framework.
Imagine a world where property is owned because it is being well stewarded rather than ownership being a priori to stewardship. Much of the worst behavior we see in the economy would be impossible, because the second any firm stopped stewarding their properties for the benefit of the larger community, they would no longer own their properties (intellectual or otherwise). In this world ownership is derived from good stewardship, rather than the other way around.