Aigang (PRNewsfoto/Aigang)

The Singapore-based blockchain protocol for digital insurance, Aigang Network has launched its Android and iOS demo app, running on Ethereum testnet, of a peer-to-peer digital insurance blockchain protocol for Internet-of-Things devices.

The announcement aims to mark the beginning of a DAO marketplace for consumer insurance using Ethereum smart contracts. The demo app has been specifically developed to work as a smartphone battery insurance highlighting Aigang Protocol, launching on both Apple App Store and Google Play Store. The Aigang app is planned to operate in P2P capacity and as a marketplace for both private investors and insurers, showcasing the potential for simplification of the insurance process. In addition, the app will also offer new users one-month free usage, no long-term contracts and instant payouts.

The battery insurance for smartphones is a the first kind digital insurance for the platform, which is intended to include more, similar applications in the near future as the technology advances. The insurance protocol is capable of estimating claims through the most recent data and issue payouts instantly.

The Aigang Network has seen a rapid growth this quarter in its role as a consumer insurance platform built on smart contracts. As a result, it is currently in the process of expanding its team of blockchain protocol professionals. The new demo app offers users an understanding of how blockchain technology can enable digital insurance for Internet-of-Things devices. The Aigang Network has also announced more ambitious plans as the company plans to roll out digital insurance for self-driving car and drones in the future.

The company cautions the users of its latest demo app. Built on Ethereum testnet, the application is not fully functional yet, and there are chances that the users attempting to send funds from their Ethereum wallet could lose their funds.