The capacity for abuse is huge, way beyong the potential benefits.
From the USA, we get news of banned book in some states. When I read that, my head goes back to my european history, and I reach the Godwin point very quickly.
Those kind of people will abuse such system to prevent things to be shared.
It will be used for putting DRM on everything and create a more and more closed web.
It will be used by corporations and govs to prevent wisthleblowers and journalists to do their job. Or to prevent employees to get evidences of mistreatments in case they need to sue.
Because if you look at it, it's basically just a system for information control. And bad actors love that.
And of course it will be "for security reasons".
Trusting people with a terrible track record to not abuse a massive power in the future, espacially one that can be scaled up with the push of a button once the infrastructure is in place, is not a good bet.