Blockchain for publications
Scientific publishing is certainly experiencing a lot of changes and is looking very different from what is used to, even, let's say, 20 years ago. The increasing role of electronic publications, open-access journals, mere publication capabilities, open preprint services (like arXiv), ability to attach media\data\source code to the publication – all that has revolutionized and will continue to change the way we publish, read and comprehend scientific publications.

Nevertheless, all those advances solved (or attempted to solve) crucial problems in publishing and/or significantly increased the quality of the experience, both for the reader and the author. The extension/correction of the existing work does not seem to me like one of them. 

Nobody prohibits (and usually it is encouraged) subsequent publications that extend the subject knowledge. That's why we have references at the end of the paper. Nowadays, a lot of publishers offer easy access to referenced material (sometimes, even across the publishers) in a click of a button. In addition to that, there is often also "Citations" section which would show the papers that cite this paper.

Example (just took a random paper from my field, not implying by any means that IEEE does a perfect job):


The paper "Error analysis for the truncation of multipole expansion of vector Green's functions" by J. Song and W. C. Chew in IEEE MWCL.
IEEE provides references that this paper contains with links to the available full-texts, contexts, and several means of accessing it.
Also, IEEE provides access to papers that cite it both from IEEE and other publishers.


All that ensures the continuity and availability of the research. I certainly do not see the value of creating a new revision of the same paper later to include new contributions from the same or different authors. That would be a new publication.

As for the corrections, with electronic publications, the authors themselves can correct their paper if the publisher policies allow that. Moreover, let's not underestimate the value of the "Correction to the paper" publications. While some of them are not so interesting, others might offer valuable content by showing what and why it was wrong in the original paper. Again, with electronic publications, these correction papers can be linked to the original publications.

To sum it up. While blockchain can be useful to create the system you have described, I do not see the need for this system. And this need, in my opinion, should be investigated and analyzed first in great detail. Also, see some of my points on blockchain usage for avoiding fraud in collected data. Here I would repeat the final thought: 


  I am very interested to see practical uses of blockchain in other areas (let's see where the smart contracts go in 5-10 years). Academia and research process does not scream for blockchain and its usability is totally unclear and hard to implement.