It depends on who has the most benefit from the correct data. Do the users of the site have a benefit for themselves if they enter they own data correctly? For example, will they miss a newsletter if they make a typo in entering their correct email address? Then you don't need any peers, just make it easy for your users to double-check the data they entered into the registration form. You could display the data in a comprehensive, easy-to-read dialog and ask the users explicit for confirmation, and offer them always an obvious way to step back to correct any typos.
When the users don't have a real benefit, who else has (and so has an interest in getting the data right)? Other people visiting your site? Then make it easy for them to notify the admin or the address holder when they find wrong data entered into your system. For example, here on SE, the "flag" button provides an easy way to mark posts as probably problematic - create something similar.
And what about living with some errors? Is it really so bad if wrong data goes into the system? Sometimes it is better to allow any data to be entered and viewed, so it gets easier for anyone to see what data is in the system, so you get more feedback about errors. EDIT: here is an additional idea: add a "confirmation" button (or "this information was helpful" button) to each address, and display the statistics how many people confirmed the address to be valid. Or just an "up/downvote" buttons, just like here on SE. This gives everyone more transparency about the quality of the data.