Onchain data

Onchain Data

Onchain data refers to any information stored on a blockchain. This type of data includes transactions, account balances, smart contracts, and other types of records that are visible on the public ledger or chain. Onchain data is immutable and can be used for various purposes such as verifying identity, tracking assets, tracking payments, and more. Onchain data is also often referred to as “public” or “on-ledger” data because it exists on a shared ledger that anyone with access to the chain can view.

The most common use case for onchain data involves financial transactions such as those related to cryptocurrency exchanges between wallets or accounts. In this instance, users will typically see their own wallet address when they log into an exchange account which allows them to view all transaction activity associated with their wallet address including incoming transfers from other wallets or accounts and outgoing transfers sent out by their own wallet address (including amounts transferred).

In addition to its applications in finance, there are many potential uses for onchain data outside of the traditional banking sector. For example, companies may store customer identification details on a blockchain in order to verify identity quickly without having to rely upon third-party services or agencies; similarly businesses could use smart contracts stored directly onto a blockchain network in order automate certain processes like product returns/refunds etc., saving time and money compared with manual processing alternatives. Additionally healthcare providers could store medical records securely using blockchain technology ensuring patient privacy while allowing quick retrieval if needed for medical treatments or research studies etc..

Finally there are even some projects working towards creating decentralized versions of existing technologies such as web browsers where user activities would be stored directly onto a public ledger thereby providing greater transparency than current methods allow while still maintaining user privacy through encryption techniques etc..

As you can see there are plenty of potential uses cases for leveraging on-ledger/onchain data beyond just financial transactions proving that blockchain networks have far reaching implications beyond simply being used as digital currencies!