Dual-task paradigm studies strongly highlights the importance of considering attention demand when assessing the ability of an individual to control balance. This paper introduces the implementation of a Smartphone application for quantitative and independent assessment of attention demand for balance control. A proof-of-concept study was designed to evaluate the effectiveness of the iBalance system in assessing the attention demand for balance control. Eight young healthy adults voluntarily performed a dual-task paradigm procedure, in which they were asked to respond vocally as rapidly as possible to an unpredictable auditory stimulus while maintaining a stable seated posture and two standing postures of increasing difficulty: bipedal and unipedal. Trunk sway measurements were used as an index of postural performance, whereas reaction time measurements were used as an index of the attention demand allocated for executing the postural tasks. In line with the existing literature, results showed that, as the postural task increased in difficulty, trunk sway and attention demand used for controlling balance increased. Taken together, these results are promising, suggesting that the iBalance system could constitute a wireless, portable, lightweight, pervasive, low-cost, user-friendly Smartphone-based system for quantitative and independent assessment of attention demand for balance control suitable for home use.