The new accounting platform, PayPie, aim to be the first decentralized business accounting platform with real-time insight and accuracy for a credit risk algorithm to be used globally. With PayPie platform, the analysis will be conducted by a single ledger, captured all-time historical financial data safely, and transform it to the credit risk will be asserted by lenders, investors, banks, or another financial institutions in the blockchain based ecosystem.
PayPie was founded by Nick Chandi, an entrepreneur and also member of the Forbes Technology Council. PayPie platform wanted to bring the trust and transparency into the financial sector market.
If we prefer to know about double entry in accounting to duplicate the financial record, then with the blockchain based technology PayPie will able to create “3 Journal Entries”. With the blockchain based platform, all the transaction will be able to record at the same time. Each of the journal entry and the transaction were able to be hashed and time-stamped in the blockchain.
The first part of the Journal Entries provide by the platform is about the Authentic Data. PayPie platform were trying to fix for the most common problem in accounting software mechanism. Blockchain technology, are suitable to be used as the accounting mechanism. In the most company’s financial journal entry data, were being entered manually or automatically by an accounting or ERP software.
From what PayPie offered here is by allocated the entry data into the blockchain by an automatic API connection to ERP software. To provide more authentic access, PayPie use a unique fingerprint for every transaction performed in the software.
To be able to storing the journal data entry, PayPie was using SlickPie accounting software. The software is the foundational accounting framework to provide the initial accounting logic framework. The benefit is, it will save more time to coding, and bring transparency since it’s rely on the blockchain. The best level of financial accuracy will also increase trust, able to reduce the risk, and easier to make an investment by business.
The third entry, PayPie risk algorithm will able to give score on each company based on its financial transaction history at the platform. The platform was able to have an access to the historical data of SMEs.
Blockchain Based Accounting Opportunities
Blockchain as the next future technology is here. Accounting world with the blockchain is reasonable. By the blockchain, it is easier to be able to auditing all the transaction. With the blockchain capability, it also bring the opportunities to provide services in finance.
PayPie see the opportunities by helping accounting ecosystem for lenders and investors to make a best decisions by using PayPie automated risk assessment tool. Blockchain and smart contract, made PayPie platform able to improve transparency, able to provide an automate lending, and also accelerate its processes.
When it related to the market, it’s now being an urgent need for a trusted platform to bring a transparent transaction records. Between client and customers now will have access to the financials information.
PayPie Token Crowdsale Detail
Token Name: PayPie token
Token Symbol: PPP
Token Base: Ethereum ERC20
Total Supply: 165 million PPP
Crowdsale Start: October 15, 2017
Crowdsale End: November 15, 2017
PayPie ICO Price: 1 PPP = 0.0011 ETH
Website – Whitepaper – Announcement