Blockchain promises to enhance distributed machine learning (ML) approaches such as federated learning (FL) by providing further decentralization, security, immutability, and trust, which are key properties for enabling collaborative intelligence in next-generation applications. Nonetheless, the intrinsic decentralized operation of peer-to-peer (P2P) blockchain nodes leads to an uncharted setting for FL, whereby the concepts of FL round and global model become meaningless, as devices' synchronization is lost without the figure of a central orchestrating server. In this paper, we study the practical implications of outsourcing the orchestration of FL to a democratic network such as in a blockchain. In particular, we focus on the effects that model staleness and inconsistencies, endorsed by blockchains' modus operandi, have on the training procedure held by FL devices asynchronously. Using simulation, we evaluate the blockchained FL operation on the well-known CIFAR-10 dataset and focus on the accuracy and timeliness of the solutions. Our results show the high impact of model inconsistencies on the accuracy of the models (up to a ~35% decrease in prediction accuracy), which underscores the importance of properly designing blockchain systems based on the characteristics of the underlying FL application.