Supply Chain Management in Blockchain: Enhancing Transparency and Efficiency

Question 1

Which of the following is NOT a key benefit of using blockchain in supply chain management?

Accepted Answer

Higher transaction costs

Answer

Reduced delays

Answer

Enhanced transparency

Answer

Improved traceability

Question 2

In a permissioned blockchain supply chain, who typically governs who can participate and access the network?

Accepted Answer

A governing body or consortium

Answer

Government agencies

Answer

No one

Answer

All participants

Question 3

How does blockchain enhance traceability in supply chains?

Accepted Answer

By creating an immutable and transparent record of every transaction

Answer

By reducing the number of intermediaries

Answer

By automating data entry

Question 4

What type of consensus mechanism is commonly used in permissioned blockchain networks for supply chain management?

Accepted Answer

Practical Byzantine Fault Tolerance (PBFT)

Answer

Proof of Work (PoW)

Answer

Proof of Stake (PoS)

Answer

Scrypt

Question 5

How does blockchain improve accountability in supply chains?

Accepted Answer

By providing a shared, immutable, and transparent ledger of all transactions

Answer

By eliminating the need for audits

Answer

By automating compliance checks

Question 6

Which of the following is a potential use case for blockchain in supply chain management for the pharmaceutical industry?

Accepted Answer

Tracking drug provenance and ensuring product authenticity

Answer

Optimizing transportation routes

Answer

Managing inventory

Answer

Conducting clinical trials

Question 7

How does blockchain contribute to reducing delays in supply chains?

Accepted Answer

By streamlining processes, reducing data reconciliation time, and eliminating intermediaries

Answer

By increasing the speed of physical transportation

Answer

By reducing customs clearance times

Question 8

Which of the following is NOT a potential drawback of using blockchain in supply chain management?

Accepted Answer

Increased bureaucracy

Answer

Higher implementation costs

Answer

Limited scalability

Answer

Data privacy concerns

Question 9

A key challenge faced in implementing blockchain in supply chain management is:

Accepted Answer

Interoperability between diverse blockchain platforms

Answer

Lack of skilled professionals

Answer

High energy consumption

Question 10

Which of the following is a specific application of blockchain in supply chain management?

Accepted Answer

Tracking the provenance and authenticity of pharmaceutical products

Answer

Processing credit card transactions

Answer

Scheduling employee shifts

Answer

Managing customer loyalty programs

Question 11

How does blockchain enhance the resilience of supply chains?

Accepted Answer

It provides transparency, traceability, and redundancy, enabling rapid recovery from disruptions

Answer

It eliminates the need for contingency plans

Answer

It reduces inventory levels

Question 12

What is a consensus mechanism and how is it used in blockchain?

Accepted Answer

It's a process for validating transactions and adding them to the blockchain, ensuring reliability and security

Answer

It's a type of data structure used to store blockchain data

Answer

It's a protocol for communication between blockchain nodes

Question 13

When selecting a blockchain platform for supply chain management, a crucial consideration is:

Accepted Answer

Scalability and transaction throughput to handle the volume and frequency of supply chain operations

Answer

Popularity and market share

Answer

User-friendliness and intuitive interface

Question 14

How can blockchain technology enable businesses to gain a competitive edge in the supply chain industry?

Accepted Answer

By fostering innovation, unlocking new business models, and improving customer experiences

Answer

By reducing costs and increasing profits

Answer

By providing a competitive advantage

Question 15

In what ways does blockchain facilitate collaboration and information sharing among supply chain partners?

Accepted Answer

By providing a shared, immutable ledger and establishing standardized data formats

Answer

By providing real-time updates on product availability

Answer

By eliminating the need for trust between partners

Question 16

Which of the following is a prominent advantage of incorporating blockchain technology in supply chain management?

Accepted Answer

Enhanced transparency and traceability

Answer

Guaranteed customer satisfaction

Answer

Immediate cost reduction

Answer

Elimination of all human errors

Question 17

How does blockchain technology facilitate improved traceability of goods?

Accepted Answer

By establishing an immutable ledger that records all transactions immutably

Answer

By implementing GPS technology to track the physical movement of goods

Answer

By introducing RFID tags on all items for tracking

Question 18

How does blockchain facilitate real-time data sharing in supply chains?

Accepted Answer

By creating a decentralized network where all participants have access to the same data simultaneously

Answer

By using artificial intelligence to analyze data

Answer

By implementing cloud computing infrastructure

Question 19

What is the primary purpose of employing smart contracts in supply chain management?

Accepted Answer

To automate the execution of pre-defined conditions

Answer

To provide legal protection to all parties involved

Answer

To store sensitive data securely

Answer

To track the real-time location of goods

Question 20

How can blockchain be used to enhance the efficiency of logistics and transportation in supply chains?

Accepted Answer

By optimizing route planning and reducing transit time

Answer

By reducing the overall transportation cost

Answer

By eliminating the need for physical shipping

Question 21

Which of the following is a key benefit of implementing blockchain technology in supply chain management?

Accepted Answer

Increased transparency

Answer

Reduced shipping times

Answer

Enhanced product durability

Answer

Lower transaction fees

Question 22

How does blockchain technology facilitate traceability in supply chains?

Accepted Answer

By establishing an immutable ledger that records every transaction

Answer

By enabling real-time monitoring of inventory levels

Answer

By automating processes via smart contracts

Question 23

How does blockchain technology differ from traditional supply chain management systems?

Accepted Answer

It eliminates the reliance on intermediaries and central authorities

Answer

It utilizes centralized databases

Answer

It lacks transparency

Question 24

How does blockchain technology improve efficiency in supply chains?

Accepted Answer

By automating processes and reducing paperwork

Answer

By eliminating the need for inventory management

Answer

By increasing transportation costs

Answer

By slowing down the delivery process

Question 25

Which of the following is NOT a potential application of blockchain technology in supply chain management?

Accepted Answer

Predictive analytics

Answer

Inventory management

Answer

Product provenance

Answer

Supply chain optimization

Question 26

How does blockchain technology contribute to sustainability in supply chains?

Accepted Answer

By reducing waste and carbon emissions

Answer

By increasing product obsolescence

Answer

By promoting unethical practices

Answer

By reducing product lifespan