In a private blockchain network, a transaction context is the information and data that is associated with a particular transaction. This can include details about the parties involved in the transaction, the assets that are being transferred, and the rules and conditions that apply to the transaction.
In layman language, Imagine that you and your friend are playing a game where you have to trade cards with each other. The transaction context would be like a set of rules that tells you how many cards you can trade and what kind of cards you can trade. It would also keep track of which cards you and your friend have, so that you know who has which cards at any given time.
Overall, the transaction context helps to ensure that transactions on a private blockchain network are executed correctly and according to the rules that have been established for the network.