The problem I have with duplicity and backups tools of its kind is that you still need to create a full backup again periodically, unless you want to have an ever-growing sequence of increments from the day you started doing backups.
Content-addressed backups avoid that, because all snapshots are complete (even if the backup process itself is incremental), but their content blobs are shared and eventually garbage collected when no references exist to them.
My tool of choice is kopia. Also borgbackup does similar things (though borgbackup is still unable to back up to the same repo from multiple hosts at the same time, though I haven't checked this for a while). Both do encryption, but its symmetric, so the client will have keys to opening the backups as well. If you require asymmetric encryption then these tools are not for you—though I guess this is not a technical requirement for this approach, so maybe one day a content-addressed backup tool with asymmetric encryption will appear?