PayPie Challenges Experian, Equifax and TransUnion Status Quo with the World’s First Ethereum Blockchain-Based Credit Risk Assessment

By introducing the world’s first Ethereum-powered credit risk assessment based on decentralized accounting, PayPie hopes to bring ultimate trust and transparency to the financial market.

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Ethereum Blockchain-based business accounting platform, PayPie, is enabling trust and transparency with a unique “Credit Risk Assessment Score” for millions of businesses worldwide. This means that Paypie offers a faster, safer, and cheaper lending alternative to the current legacy systems employed by most of the banks, lenders and invoice factoring companies.

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PayPie is early to develop a credit risk profile of a business that is constantly adjusted in real-time from live financial data that includes more than 150 data points. It does so with an inbuilt algorithm on the Ethereum Blockchain. The platform was built to make the financial information on small-medium businesses more accurate and transparent, allowing a better picture of a company’s financial health for credit risk assessment.

PayPie aims to change the way accounting is done by small and medium size 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 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 the financial players billions on overheads.

“Often a company’s financial situation is inaccurate, due to a lack of information and the fact that this information is usually outdated”, said PayPie CEO, serial entrepreneur, and member of the Forbes Technology Council, Nick Chandi. “But by harnessing technology – Blockchain in particular – we can avoid these issues and make the system fairer both for the businesses themselves, as well as those who wish to access the financial information.”

The improved accuracy of this information not only aids the aforementioned parties (lenders, auditors, accountants, insurance companies, etc.); it also helps small businesses secure funding thanks to a greater level of trust in these businesses. In the 2016 National Small Business Survey business owners revealed that lack of funding or insufficient cash flow was the number one obstacle holding back their growth. A greater level of financial accuracy should increase trust, reduce risk and thus mean more money is invested in businesses.

Currently PayPie is pioneering the field of accounting by offering a credit risk assessment based on the entire accounting history of businesses’ hashed on the Blockchain. Traditional accounting firms use outdated methods of manually trawling through old documents and reports.

“Replacing conventional methods used by accounting firms would not just increase the quality of the end result, it should also make the whole process more efficient from start to finish and save these firms a lot of money,” added Chandi.

PayPie aims to revolutionize the way credit risk assessment and accounting and done by small and medium size businesses. Founded by Nick Chandi, a serial entrepreneur and a member of the Forbes Technology Council, the company wants to bring trust and transparency to the financial markets by introducing the world’s first risk score assessment based on Blockchain accounting. Companies will write their transactions directly into a joint single ledger on Blockchain, thus creating an interlocking system of ensuring all-time historical accounting records. These decentralized records increase transparency and accuracy while saving investors money and helping small businesses secure better funding.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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