Implications of reversing CBC encryption

What would be the security implications if we reverse CBC encyption? Here is a picture of CBC encryption:

Here is a picture of CBC decryption:

My guess is that the encryption would work if we ran the decryption process for encryption and encryption process for decryption. However, the effect from the IV is not spread to other blocks other than cipherblock 1. Are there any other potential effects?

-

If I understand you correctly, you want to use the decryption process of CBC to encrypt, i.e.,

This would not be CPA secure. The problem is, as you already noted, that the IV has no influence on any block but the first one.

I.e. a CPA attacker works as follows: Choose two random messages of length 2 blocks $(m_0^0,m_0^1)$ and $(m_1^0,m_1^1)$ and output them as the challenge messages. Receive back the challenge ciphertext $(c^0,c^1)$. Now, ask $(m_0^0,m_0^1)$ to the encryption oracle and receive the encryption $(c_0^0,c_0^1)$. If $c^1 = c_0^1$ then output $0$, otherwise output $1$.

-