user120328: I understand a full node downloads and validates the entire transaction history. Can a full node read and understand these downloaded transactions, or is it just just keeping a copy of encoded information?
I'd appreciate if you could mention your sources' links in this regard.

user117651: All info on transactions and more generally on blockchain are readable and understandable by every full node. All the info you find on a blockchain explorer are basically asked to a full node, if you want you can run your own blockchain explorer querying your node.
There is no privileged actors in Bitcoin network, all node share the same info and capabilities ... and this does not refer only to physically possessing the info but also to read and know them.

user13866: 
Can a full node read and understand these downloaded transactions, ...

Yes.

or just it's just keeping a copy of encoded information?

You write "encoded" but the context makes it seem you may have meant "encrypted"
The Bitcoin network does not encrypt any data. None of the data in the blockchain is encrypted. It is all publicly readable information in plain sight.
The answer you are reading right now is encoded. The encoding used is UTF-8.

120328: <p>I understand a full node downloads and validates the entire transaction history. Can a full node read and understand these downloaded transactions, or is it just just keeping a copy of encoded information?</p>
<p>I'd appreciate if you could mention your sources' links in this regard.</p>
 117651: <p>All info on transactions and more generally on blockchain are readable and understandable by every full node. All the info you find on a blockchain explorer are basically asked to a full node, if you want you can run your own blockchain explorer querying your node.</p>
<p><strong>There is no privileged actors in Bitcoin network, all node share the same info and capabilities</strong> ... and this does not refer only to physically possessing the info but also to read and know them.</p>
 13866: <blockquote>
<p><strong>Can a full node read and understand these downloaded transactions, ...</strong></p>
</blockquote>
<p>Yes.</p>
<blockquote>
<p><strong>or just it's just keeping a copy of encoded information?</strong></p>
</blockquote>
<p>You write <em>&quot;encoded&quot;</em> but the context makes it seem you may have meant <em>&quot;encrypted&quot;</em></p>
<p>The Bitcoin network does not encrypt any data. None of the data in the blockchain is encrypted. It is all publicly readable information in plain sight.</p>
<p>The answer you are reading right now is encoded. The encoding used is UTF-8.</p>
