HL v0.x, the consensus process 'validates' transactions in the sense that it orders transactions submitted at different peer nodes in the network into a global order. This consensus process is performed by the validating peers only, who use the PBFT protocol to ensure that there is a quorum of validating peers who get the same result for each transaction.
If consensus is achieved, then each validating peer applies the transaction result at its node, otherwise the transaction is thrown out. Non-validating peers connected to these validating peers get the data and transaction updates replicated to them - they do not participate in the transaction process.
There's work going on in HL v1 for a more sophisticated consensus protocol which includes which validating peers see which transactions.