Hi Rahul,

The private data is exchanged privately between the involved parties (in this case, the supplier — Oxbow, their customer, and Hokodo) via their Centrifuge Nodes. Each transaction between Centrifuge Nodes gets signed by all participants in a specific way to guarantee agreement of the state of the data. That state + signatures are then hashed and this “state anchor” is anchored on Ethereum. Ethereum, also holds Centrifuge Identities — which are on-chain identity representations of the users that transact on the Centrifuge network (again in this case, the three parties). You can find some more background on the whole setup in our documentation — https://developer.centrifuge.io as well as our white paper, and recent posts about other integrations — e.g. how minting of NFTs work for documents exchanged on Centrifuge (even though for the Hokodo use-case there are no NFTs required) — https://medium.com/centrifuge/introducing-business-nfts-financial-business-documents-as-tokens-on-decentralized-networks-ec4b773f7ec5