Yes, so what this does is timestamp transactions (in this case SQL DML) in a decentralized way between nodes that do not or cannot trust each other. All this while enforcing write permissions ('grants') that were agreed upon earlier.

The idea that some of these transactions store data is not any different from the idea that some transactions in Bitcoin add new coins to the system, or that some transactions in Ethereum create and store contracts (which are code and data).

Now of course you could, instead of storing the actual data and/or SQL, put data in a DHT and reference and timestamp that.