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The feature of Hyperledger Fabric that enables private transactions among competing businesses is the use of channels and private data collections. Channels are a way to create a separate ledger for a subset of participants in the network, allowing them to transact privately while excluding other participants from seeing those transactions. This is particularly useful for businesses that need to collaborate securely without exposing their sensitive data or proprietary information to competitors.

Private data collections further enhance privacy by allowing certain pieces of data to be shared only among a defined group of organizations, even within a channel. This means that while transactions can occur within the broader context of a channel, specific data related to those transactions can be kept confidential among only the relevant parties.

Together, these features provide the necessary infrastructure to support privacy and confidentiality in transactions, which is crucial for businesses that may be in competition with one another but still need to collaborate on certain activities smoothly and securely.