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> From a read standpoint, all data is essentially open source

Unless you encrypt things you put on blockchain. Or use clever ways to hide information from others. There are cryptocurrencies like Monero.

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This is true! But it's also hard to think of a situation in which you would need to store that encrypted data on chain. Why not store it on a central server? Or, encrypted on a p2p network? And if order of events is important, you could just store a hash of the data on chain.

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