What is the difference between on-chain and off-chain data in tokenized real estate?

On-chain data is stored directly on the blockchain. This includes token balances, transfer history, and sometimes whitelists or lock-ups.

Off-chain data includes legal contracts, KYC information, property documents, and detailed financial reports. These are stored in databases or document systems, but they are linked to the on-chain records.

A good project keeps both layers in sync: the token shows who owns what, while the off-chain files explain the rights, risks, and real-world asset behind each token.