The blockchain technology continues to demonstrate its potentials beyond the world of the cryptocurrencies. This time, a new project called PayPie presents the first tool based on this innovative technology with focus on the evaluation of credit risk.
The company presented a revolutionary approach, where the blockchain technology is applied to the evaluation of the credit risk profiles of the companies by using an incorporated algorithm that accounts 150 points of data. The entire platform is based on the blockchain developed by Ethereum.
The platform will also present a massive factoring market for the owners of tokens in order to provide ways of financing for small and medium companies from around the world. The companies and invoices will be qualified by a unique credit risk points developed by PayPie. This will create a trustworthy system for the lenders that they will use to make decisions about their operations on the market.
The factoring consists of buying credits coming from sales of properties by a real estate company, sales of services or realization of works, where the company gives advances on its credits. This is an industry worth three billion dollars, which means it is a significant niche in the global finance sector and the blockchain technology could enhance its functioning.
The website of the company says: “The platform PayPie provides maximum trust and transparency to the financial markets by introducing the first point algorithm based on the accounting principles.”
PayPie is currently is currently in alfa version, which means the interested people can test the platform and get to know its features and characteristics, as well as the potentials of this tool and its risk algorithm.
The company says: “Our alfa version will focus exclusively on the part of the platform that deals with the evaluation of credit risks. This part should first be polished and afterwards we can advance to other parts of the system, knowing that all the data will be as precise as we imagined.”
The beta version is already in development, but it is not yet ready to be launched. The new version will bring the system even closer to the users. PayPie says on its official blog: “Beta is already in development and things are moving at maximum speed. But first, let us all enjoy and try the alfa version.”
PayPie already has some important partnerships and alliances. For example, the token offered by the platform is supported by Jaxx and the co-founder of Ethereum, Anthony Di Lorio, is a member of the advising team, which clearly demonstrates the growth and development of this project.