PayPie Cryptocurrency-PPP

Posted: February 7, 2018 by Tyler Swope

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Decentralized Blockchain Accounting

In today’s article I am going to introduce a cryptcurrency which has an outstanding concept, working alpha with beta on the way, solid team, and partnerships on the horizon. That crypto is……PayPie. Paypie cryptocurrency is creating the first decentralized accounting platform for businesses that will provide real-time financial data and insights to achieve 100% accuracy for a credit risk algorithm that can be used globally.

The analysis is done using a single ledger, and will consider businesses history of financial data to safeguard and transform the way credit risk is assessed by lenders, investors, banks, and any other form of financial institution. This will ultimately build a blockchain-based accounting ecosystem.

Problems In Accounting

The major problem with accounting in its current form is its isolated, closed, and usually disconnected. The double entry accounting method was invented over 600 years ago, and it only solves the problem of knowing whether a company could trust “their” books. Audits of companies from outsider is extremely expensive and the data is historical, sometimes over a year old.

Paypie cryptocurrency is bringing transparency to the financials of business by introducing the concept of triple entry accounting. Each journal entry and transaction is hashed and time-stamped on a secure blockchain. This will also help end duplication efforts as all entries can be seen by the single ledger.

Target Market

The target market for PayPie includes SMEs which are small to medium sized enterprises. With the health of an enterprise visible on the blockchain and the Paypie Risk algorithm recommending the best SMES for financing, this will have a long term positive impact on SMEs, banks, lenders, and other financial institutions.

The accounting software slickpie will provide the initial accounting logic framework and source code to store journal entry and other accounting data. Paypie cryptocurrency hash’s all journal entries and relevant information from the accounting software, this is then used to build a live credit scoring algorithm. Building strong partnerships with major accounting and ERP systems is a major focus of Paypie. Can you say Quickbooks and SAP?

What I think is very cool about Paypie, is access to the platform will be free for SMEs interested in offering credit score data on the financials of their business for better access to the lending market. More than 150 data points are taken from the live financials of enterprises and create an accurate and unique credit risk score.

Here is what the paypie cryptocurrency design looks like visualized. As you can see accounting software will flow into paypie and then will be recorded on the blockchain. Both centralized data and the decentralized data will flow into the risk score algorithm which can be used by third parties and in the paypie marketplace.

PayPie Marketplace

Let’s take a look at the paypie marketplace, and why it was chosen to be built. For SMEs there is a major problem with liquidity. Most businesses get paid after 90-120 days depending on the terms, and cost them so much money in lost opportunities. Invoice financing is here to help. Cash is given to the SME against outstanding sales invoices in an instant by an investor at a cost which is beneficial for both the SME and the investor. This market has reached nearly 3 trillion dollars, but there is many problems. Sellers upload and send invoices manually. The invoices may be fake or inflated, and sometimes the same invoice is sent to 2 different invoice financing companies. This includes huge risks for lenders and investors.
The Paypie Marketplace is built on the credit risk algorithm. It will allow top scoring SMES to gain quick access to liquidity by selling their invoices to the token holders. A token holder can be an individual, bank, investor, other business, and so on.

PayPie Single Ledger

The most ambitious part of the project is the PayPie single ledger. Paypie is using a bottom-up approach and will use the already built ecosystem and transform it into a decentralized accounting platform. Companies will write their transactions directly into a jouit register, creating an interlocking system of accounting records. This will eventually lead to no transaction fees worldwide, as the trustless ecosystem can be used to move money among different parties using the Pie Coin which is pegged against major currencies. The single ledger will also allow partnerships to flourish world wild and services to be built upon PayPie.

Paypie cryptocurrency is one of the better blockchain concepts out there. In this bear market we are seeing, it is best to get yourself in projects that will eventually become something someday. Paypie has a product that is needed and will be easily implemented with other accounting software’s such as quickbooks and I could eventually see SAP. That is why I am bullish on PayPie!

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