The world is heading into an era predominantly ruled by the Internet of Things (IoT) and as such the need to adapt our various services to meet up with this global direction of things. There is the need to continuously and speedily adapt our healthcare, food production and delivery, utilities, logistics, insurance and more to the changing times and scenes. Aigang has decided to step up to meet this challenge in the specific sector of insurance.
By activating a series of algorithms Aigang will seek to improve insurance provision. The project will be leveraging the opportunities that the ‘wisdom of crowdsales’ presents in the form of prediction markets – this way, Aigang will be making its contribution to insurance by adapting prediction markets to insurance pools.
How does the concept of prediction market fit into insurance? Leveraging the power of blockchain technology, Aigang is making this possible by enabling insurers with the ability to create tokens about the likely occurrence of events. Insurers then make use of the resultant prices to access the viability of their insurance products and the extent of benefit and cover it gives their clientele.
Aigang’s infusion of blockchain into insurance is strategic because it provides the market with a decentralized platform that comes with much needed transparency that helps with a fair claims regime for all parties involved in an insurance policy agreement.
The Aigang project also presents an opportunity for parties involved in a policy agreement to fulfill their obligation trough the application of smart contracts – the project creates a Decentralized Autonomous Organisation (DAO) that makes use of smart contracts in connecting intelligent devices with insurance policies. This way claims and payouts and other aspects of insurance are automated.
Aigang is set to take the insurance industry on a path of positive disruption forever and the team is providing an opportunity for more people to partake in this vision through its token sale event. For those interested in making commitment to a product that empowers its clientele as well as yields some returns, Aigang is one to consider.
For more details, follow the Aigang ICO here.