What sort of transcripts? Like the ones the game simulator spits out?
Yes, essentially that is what it would do. It would need to give back enough information to reconstruct all the events of each turn.
If desync's weren't a problem, it could be very chess like. We would only need to track player location clicks and cancels plus occassional special events (like rng results such as draws or chaos seed). In fact, all we would really need is
-Player click actions (including clock times)
-The RNG seed
Unfortunately, given that desyncs can complicate things... A fairly complete transcript would be needed
E.g.
-Card creation, drawing, playing, and discarding
-Skill use and targeting
-quanta modification
-creature and permanent destruction
-modification of creatures / permanents (stats, buffs, skills, etc)
-Changes in player health
This would probably look just like what the simulator spits out.