Just drop encryption altogether, the server is trusted anyway. It adds absolutely no guarantees on anything than without the way encryption is currently performed.
You conveniently omit mentioning that the server also sees the transcript before returning it to the client side browser. Whether it is "immediately" erased, is something the client must trust the server to do. You might as well save yourself the roundtrip by encrypting server side, returning the key, then deleting it, same outcome.