A Party in Daml can represent a legal entity, person or a service
On the 2nd part, A participant node can host multiple parties, though how do party/participant node(s) interact (if at all) on the underlying Blockchain in a Domain?
The parties don’t interact with the underlying domain. The Daml transactions are exchanged between the participants and the domain only operates on the “participant” level. Therefore, a domain does not know about the parties involved in a transaction.
I hope this helps!
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