What is PayPie?
PayPie describes itself as “the world’s first blockchain accounting platform” for comparison of different financial services. PayPie believes accounting in the 21st century will be conducted on decentralized platform instead of via the closed and disconnected systems that are used today. They believe that by replacing the multiple systems involved in any financial transaction with a single shared blockchain they can create a simpler, more efficient, and cheaper system that is for use by all. The PayPie platform (still under development) attempts to solve the problem of fraud and inconsistencies which exist in isolated accounting systems by allowing for live analysis of financial statements on the blockchain, which is intended to facilitate the determination of credit risk in lending operations.
History of PayPie
The idea for PayPie was initially conceived in 2017 and co-founded by Nick Chandi, CEO and Jag Barpagga. Among its team of advisors is Anthony Di Iorio, was one of the co-founders of the Ethereum platform. The PayPie project boasts an active social media following, with a presence of Twitter, Facebook and Telegram. The token sale for PayPie was conducted on October 8th, 2017, and lasted for one day only, during which 86 million PPP tokens were sold. It raised a total of $26 million in ETH. The PayPie platform is currently being built by a Canada-based company with offices in Vancouver.
How PayPie Works
Through gathering it from their various sources, PayPie claims to have better data than banks on the financial health of a business, which makes it valuable for lenders, investors, banks and other financial institutions, auditors, and reviewers. Upon the platform’s completion, all accounting inputs will be bound to the blockchain, which will be used to secure the entire transaction-checking process in a trustless environment capable of generating unbiased data. Historically-relevant financial information based on journal entry of participating businesses will be hashed out in a single ledger to build transparent track record so that lenders, investors, banks and other financial institutions have complete visibility to financial risk.
As a financial services token, PayPie is markedly different from most other in this category. Some of its following advantages as a credit analysis provider include:
- Decentralized accounting and credit determination. By using the blockchain, PayPie offers a trustless credit rating environment in which businesses won’t have to rely on biased analysis of traditional services.
- Professionally audited. PayPie’s public ledger is continually audited and verified, which means that company books can be fully trusted for tasks like verifying integrity of financial reports or invoice verification that are typically needed for isolated systems to avoid duplicate invoice financing.
- Customized credit risk solutions. The PayPie platform can be utilized by any company, bank, financial institution, credit union, or even government that needs to undertake or to perform a credit score analysis for operations involving financing, lending, and investing decisions.
- Credit improvement services. PayPie helps improve business finance ratings for better financing opportunities.