It can be compared with teacher correction and self-correction.
Example
Using a computer room, each learner quickly writes a short text on someone who has inspired them. They then move to the next terminal and correct the next learner's text. This rotation continues until they come back to their work.
In the classroom
Peer correction is a useful technique as learners can feel less intimidated being helped by others in the class. However, some learners are highly resistant to being corrected by someone other than the teacher.
Further links:
https://www.teachingenglish.org.uk/article/peer-editing-correction
https://www.teachingenglish.org.uk/article/error-correction
https://www.teachingenglish.org.uk/blogs/rachael-roberts/rachael-roberts-feedback-most-important-part-any-exercise
https://www.teachingenglish.org.uk/blogs/george-chilton/george-chilton-we-all-make-mistakes