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In a permissioned blockchain network, if you want to hide data specific to the individual parties of a trading relationship, then do the parties on both sides of that relationship have to be running their own node on the network? Asked differently, is it possible for a private transaction between two parties to take place, where one or possibly neither of the parties run a node on the network?

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It depends on the blockchain, it is possible in some cases. The 'standard' blockchain, even permissioned, does not allow that as every node has a full copy of the ledger; however, the blockchain space is very large.What you are looking for is Quorum, JP Morgans Blockchain. Quorum is a permissioned version of Ethereum that supports data privacy, specifically, it allows for transactions to remain private between the two sets of node groups(or parties) involved.

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