Just like google docs or sheets, there are controls around database entries. Entries are verified through a process known as the blockchain. For added security, multiple copies of the database are made on multiple computers - any unauthorized transaction would need to alter all these copies - very difficult to do in practise. Unlike google docs or sheets, there is no owner – the database is decentralized.
Being decentralised, it made sense to use a decentralised or global currency. The public database of debits and credits uses the Bitcoin.
The database is set up to provide an avenue for the transfer of value without the need for the central structure usually provided by a financial institution. peercover.com (the American company related only by name) was looking to use a public database of debits and credits to provide a market place between insured and insurers.
PeerCover.co.nz is keeping an eye on the progress of the public database of debits and credits. However, at this stage peercover will not be using this technology until it is further proved-up .