The part that makes blockchain applicable and interesting in this space (and where this implementation seems to miss the mark) is the distributed pseudo-immutability part. That has been an important level in getting large organizations to be willing to participate in consortia and open their records and/or rely on records held by third parties. That’s what drives transparency into the system, and wherein the value lies. This particular implementation fails there, and so it’s not better than using a traditional RDMS or other traditional storage system. Saying that’s a failing of blockchain though is incorrect. A car built with square wheels isn’t likely to work right, but that’s not the engine’s fault.