What is the primary benefit of using AEM's Content Fragments over traditional assets?

What is a significant distinction between cloud-based workflows and on-premise workflows in AEM?

An organization needs to securely share assets to an external agency without providing them access to the AEM author environment. The external agency needs to have the ability to upload and share their own version of the assets as well.
Which solution would be used to achieve this requirement?

Which workflow features are optimized in AEM Cloud Service? (Choose two)

Which feature helps users track asset modifications and version history?