A peer-to-peer (P2P) economy is a decentralized model whereby two individuals interact to buy or sell goods and services directly with each other or produce goods and service together, without an intermediary third-party or the use of an incorporated entity or business firm. In a peer-to-peer transaction, the buyer and the seller transact directly with each other in terms of the delivery of the good or service and the exchange of payment. In a peer-to-peer economy, the producer is usually a private individual or independent contractor who owns both their tools (or means of production) and their finished product.