The point of the blockchain is to achieve distributed consensus of what’s in the database. That way, one entity can’t unilaterally change what the database says.

If you have a public non-profit institution maintaining the database, obligated to serve all legal customers, with serious consequences for tampering with it, you can get pretty much everything blockchain can do, for a billionth of the computing power.

But with that system, you would lose these features:

• partially-anonymous participants
• service of all customers, even illegal ones
• immunity to court orders