Unfortunately, the Blog does not support translations. It's possible to simply make a blog per language, but this isn't really a translation; it's just two separate blogs.
I am thinking to use the canonical URL as a link to translated content (there are only two languages, so it works). I'd use JS or Hubl to do this.
Are there any drawbacks to this idea? It's not completely out of the scope of what a canonical URL does. I can't think of another way to do this which allows the content writers to intuitively manage language versions.