Differentiate between Daisy chaining and centralized parallel arbitration.

In daisy chaining, the devices are connected in series on one grant line. The bus grant signal passes from the first device to the next. A device that has requested the bus stops the signal and takes the bus. So the priority depends on the position in the chain, and the closest device has the highest priority. It needs few wires but is slow.

In centralized parallel arbitration, each device has its own separate request and grant lines to a central arbiter. The arbiter looks at all the requests together and grants one. It is faster and more flexible in priority, but needs more lines and a more complex arbiter.