And how does it work ?
By making the blockchain as visible as possible ? By having every aspect of it out in the open, scrutinisable from the point a block is mined and at what address ? Because that's what gives it its value - not much else.
The blockchain is an "out there" thing. You just control some small random part of it and the fact that you can is what makes your private key have some value but if it ceases to be "out there" then it ceases to be worth anything. Sure you have your privacy but no value.
Make the blockchain invisible and it ceases to exist as a credible monetary resource. So will the coins in your pocket. Making it fungible is a whole different matter.