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Data refers to transactions,contract code functions,arguments passed to smart contract functions.

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No, transactions and contract code on the Ethereum blockchain aren't encrypted; indeed, they can't be meaningfully encrypted, since all nodes have to be able to verify the blockchain and execute transactions and code.

Whether or not call and return values for contracts are encrypted depends on the contracts, but they can't easily perform encryption or decryption without storing the keys in (publicly accessible) state storage or the blockchain transaction record.

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