I think with this type of encryption schema, you could have confidentiality, and anonymity but not privacy.  The encryption strength and process covers the confidentiality of the data.  Anonymity as you don't know who the users really are.  But the blockchain is public, so there is no privacy for transactions.  Overall it has value, including scale-ability and a decentralized structure  to promote resilience and no need for traditional Admins.    Just my 2 cents.