What does the transaction look like on the chain?

I feel ridiculous in taking this seriously, but it’s got me curious.

One thing that people seem to be missing: you could take the note, pay for something, then that person pays for something else and so on down the line until a person cuts the note to put it in their wallet for online use. That seems to sufficiently anonymize the transactions again, but maybe I’m wrong.

I do like the graphic design though.