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Peer-to-Peer Electronic Accounting System
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| It's an intelligent automated accounting system, which enables online peer-to-peer transaction between various parties. A peer-to-peer electronic accounting transaction is a financial transaction which involves at least four accounts, or it’s a joint recording of financial transaction for both affected parties . For example, when Daniel receives money from David, then Daniel's' cash and liability will increase, but David's cash account will decrease, and his account receivable will increase. The total amount of the transactions in each case must balance out. It also allows the accounting equation (assets = liabilities + equity) to always be in balance, not just for a person, but for the community at large |
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