How to Develop a Peer-to-Peer Electronic Accounting System

Abstract

This paper introduces a peer-to-peer electronic accounting system, as the current system sufferers from the inherent weakness of double-entry accounting, for example, a time gap problem between occurring and recording transactions, ignoring billions of individual’s access to essential financial information and the possibility of fraud and error. The most efficient solution to these problems has emerged to be a peer-to-peer electronic accounting system. It is an advanced system of double-entry accounting, but instead of concentrating on one party, it views and records transactions for both affected parties at the same time. It would enable electronic financial transactions between various parties, such as electronic payment, online credit transaction, foreign exchange, and securities exchange.