Aigang is a project that sets on revolutionizing the insurance industry. With a vision of introducing blockchain technology and smart contract technology to implement autonomous insurance services, it sets the bar quite high for an industry that’s still using age old tactics.
The team behind the project makes it clear that their vision for it is to provide infrastructure for the insurance industry to be ready for the growing Internet of Things that is up and coming. The vision includes autonomous confirmation of insurance claims through technology. Moreover, there project’s team counts on the “diverse” set of insurance products that could become available one IoT is closer to reality.
For that, the Aigang platform is going to be equipped with smart contracts and a tokenized system consisting of several layers that, according to the project’s whitepaper, would be used to asses risk. The “pathway” laid out for the succession of the project’s goal would include: harnessing the crowd’s wisdom, automating procedures through smart contracts, partnering with data providers and finally attracting third parties to offer insurance through the platform.
In essence, prediction markets would be formed from participating users, and using the data collected to make predictions on potential probability. This data would be used by the insurance pool and in turn, succesfull predictions would be incentivized with the use of the platform’s token.
Through their whitepaper, the project’s developers are laying out a more detailed an in depth look in the platform’s algorithms and formulas for the market’s operation. Based on their vision, certain functions are going to handle member scores and reward them according to their successful predictions.
While the proof of concept of the project has not been created yet, the vision is made more clear through the description developers have been able to provide so far. Rewards in prediction markets will accumulate to form scores for each member, in accordance to functions for member ranks and weighting on their predictions.
It’s all this and more that the project’s team envisions to mirror on ethereum’s platform through smart contracts.This sounds like a plan especially hard to work through when smart contracts are made to be autonomous but not to be mistaken, the project’s team plans to partner with parties that will set on collecting data. This would include drones, sensors, GPS devices and GPS equipped vehicles among other devices that will all help provide data for markets affected by risk.
All in all, Aigang works on a market with quite a bit of competition, even within the ethereum ecosystem. However, the project’s unique approach to combining data collection with prediction markets for insurance might give it a head start. Innovation is surely rewarded greatly within the crypto space, and if executed correctly, Aigang’s vision could provide some innovative solution to a market that’s remained behind the times when it comes to cutting edge innovation.
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