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I don't see how this could work in the long run. The blockchain is immutable and any encryption at some point in civilization will be broken. All transactions using weaker encryption will be retroactively also broken, no?

In other words, to me, it seems like a public transparent blockchain is inevitable, whether you're using encryption or not.

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Maybe. I'd assume that the encryption used will improve over time, and there will at least be a lag time between a transaction's creation and the day it is cracked, hopefully many years long. This is pretty much the assumption we make about our web browsing over https (albeit the preservation of those encrypted sessions isn't quite so explicit and overt).

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