The main advantage of blockchain over conventional ways to manage transactions across supply chain partners is:
A)Unnecessary transactions are blocked from occurring.
B)There is no need for a central authority to validate transactions.
C)Blockchains are easy to construct.
D)Legal documents are no longer required.

Question

Quizplus · Accepted Answer

One of the main advantages of blockchain technology is that it eliminates the need for a central authority to validate transactions, making it a decentralized system. This means that transactions can be made and recorded across the supply chain partners without the need for a trusted third party or an intermediary. This not only reduces the transaction costs but also increases the transparency and security of the transactions. Additionally, because of the distributed nature of blockchain, it reduces the chances of fraud or hacking. Therefore, the correct choice is B.

The Main Advantage of Blockchain Over Conventional Ways to Manage