No, but staking is certainly an improvement over "pinky promise", and it requires a public blockchain.
> issues
I'm fairly sure those are features, not issues. You are free to disagree.
This is a weird statement. Blockchain security is real and it isn't "magic". Blockchain is specifically designed to secure decentralized applications.
> In fact, it adds traceability. And data stored in it can never be deleted. Just to name a few issues.
These aren't issues, these are part of the security model. Traceability is fine here because everything is pseudonymous, if you want to avoid that use a chain that has untraceable transactions with zero knowledge proofs (zero traceability).
> And data stored in it can never be deleted. Just to name a few issues.
Storing data on blockchain is extremely expensive. Only hashes are stored on chain, not the data itself. Hashes are much different from encryption because they're irreversible.
In fact, it adds traceability. And data stored in it can never be deleted. Just to name a few issues.