Accounting-tech company PayPie has announced the coming launch of its decentralized, blockchain-powered accounting platform. PayPie’s platform was built to make financial information on small-medium businesses more accurate and transparent, allowing a better picture of a company’s financial health.
PayPie aims to change the way accounting is done by small and medium-sized businesses, as it leverages blockchain to enable live financial audits, speed up credit approvals, and improve the overall credit scoring process.
With PayPie, companies simply write their transactions directly into a joint register on blockchain to create an interlocking system of accounting records. This data is then fed into PayPie’s algorithm, to obtain an objective score of a business’ credit health. This information can then be used by lenders, auditors, accountants, and insurance companies, etc. – potentially saving these companies billions on overheads.
The improved accuracy of this information not only aids lenders, auditors, accountants, insurance companies, etc.; it also helps small businesses secure funding. A greater level of financial accuracy should increase trust, reduce risk and thus mean more money is invested in businesses.
PayPie CEO, Nick Chandi said:
“For a company revolutionizing the accounting industry, it seemed logical to explore raising funds with the most cutting-edge technology available. It will also help connect us with our desired user: switched-on, tech-savvy individuals who can see the true value in new ideas.”
‘We hope that the token crowdsale will gain us a core user and support base of thousands, ready for our full launch. Once we are up and running we can then take on the accounting industry at full steam!”
The company is raising funds via a token crowdsale to open on October 15th, 2017, 13:00 UTC and close November 15th, 2017. The public will have the option to buy utility tokens, which can be used for accessing services from PayPie at a later date when the platform has fully launched.
The only currency accepted in the crowdsale will be Ethereum, and different cryptocurrencies must be exchanged in order to participate. The reserve Tokens will be locked in a smart contract for one year and will be used for developing partnerships and future acquisitions for the platform to prevail as a market leader.