A trade finance platform currently uses a centralized database to track letters of credit. The platform wants to reduce disputes between parties by providing a single, shared version of the truth that all parties can trust. Which change should the platform make?

Replace the centralized database with a distributed ledger shared among all participating banks and importers/exporters.

Use a shared spreadsheet stored on a cloud drive with version history.

Use a centralized database with daily email summaries sent to all parties.

Keep the centralized database but add a public API for all parties to view records.

EC-CouncilBlockchain Fintech Certification

Domain 1Objective 1

Fundamental Concepts and Working Principles of Blockchain Technology BFC Practice Questions (Page 10)

Part of the Blockchain Foundations and FinTech Impact domain, which makes up ~7% of our current practice bank.

46questions here

10free pages

9concepts

Questions 46–46

46application · medium
A trade finance platform currently uses a centralized database to track letters of credit. The platform wants to reduce disputes between parties by providing a single, shared version of the truth that all parties can trust. Which change should the platform make?
Select an answer first

Finished these 1 questions?

Review the revealed explanations, or continue through the curriculum.

No more pagesBack to BFC

Free Basic Practice is a study aid with revealable answers — not a scored exam. Examers.io is independent and not affiliated with or endorsed by EC-Council. “BFC” is a trademark of its owner, used for identification only.

Fundamental Concepts and Working Principles of Blockchain Technology BFC Practice Questions (Page 10)

Questions 46–46

A trade finance platform currently uses a centralized database to track letters of credit. The platform wants to reduce disputes between parties by providing a single, shared version of the truth that all parties can trust. Which change should the platform make?

Keep studying — Blockchain Foundations and FinTech Impact