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It's an intelligent automated accounting system which would enable online peer-to-peer electronic financial transactions between various parties. A peer-to-peer electronic accounting transaction is a [[transaction]] which involves at least four [[accounting entries]], or it’s a joint recording of [[financial transaction]] for both affected sides. For example, when Alice receives money from Bob, then Alice's' cash and liability will increase, but Bobs' cash account will decrease, and its current assets or account receivable will increase. The total amount of the transactions in each case must balance out. It also allows for the [[accounting equation]] ([[assets]] = [[liabilities]] + [[equity]]) to always be in balance, not just for a person, but for the community at large
It's an intelligent automated accounting system which would enable online peer-to-peer electronic financial transactions between various parties. A peer-to-peer electronic accounting transaction is a [[transaction]] which involves at least four [[accounting entries]], or it’s a joint recording of [[financial transaction]] for both affected sides. For example, when Alice receives money from Bob, then Alice's' cash and liability will increase, but Bobs' cash account will decrease, and its current assets or account receivable will increase. The total amount of the transactions in each case must balance out. It also allows for 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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