24 Sep Hackcoin KL - Malaysia - September 2015
The Hackcoin team connected with Bitcoin Malaysia to put on the first dedicated blockchain hackathon event on 14 September 2015 at KLCC offices. The aim of the event was to run a mini-innovation event andÂ explore interest in blockchain technology within Malaysia. Colbert Low, the organiser of Bitcoin Malaysia, sent out an invite to the blockchain community of Kuala Lumpur. We only had a limit of 10 places available due to the size of the office.
The event started around midday and finished at 3:30pm. Adam Vaziri started by presenting the objective of the mini-hackathon which was to discover the utility of blockchain technology by discussion and ideation. Around 8 people attended.
Water Vending Machines
In the photo below you can see Adam Mashrique, a local bitcoin hardware developer, explain about an internet of things device he programmed to monitor wallet addresses. The device tracks activity on the blockchain against an address then when funds are received in the address above a certain threshold then the hardware deviceâ€™s LED lights starts blinking on and off. Adam M discussed how the device could do other actions when the threshold is met such as turning a switch on. We discussed different use-cases and Adam V suggested that the device could be used to manage water for a well in a developing country. Adam M thought you could add a 3G router to provide the internet signal needed in order for the device to work. Charity Water operates a direct donation based system for the building of wells and provides transparency by providing a visual interface where, in realtime you can see the status of the wells being built. If you were able to add a internet of things device to the well then it becomes a ‘water vending machineâ€™ and doners (anywhere in the world) will be able to donate directly to unlock water supply for individuals.
‘Payingbitsâ€™ - A commission payment system
Some of the other ideas at Hackcoin KL were surrounding crowdfunding and using bitcoin as a way to facilitate the administration of funds paid to startups and monitoring the use of those funds. Another idea explored was a smartcontract to manage commission obligations. Adam V suggested that it was difficult for professionals to manage commission commitments and that a promise of commission often relies heavily on trust to work between the service provider and the referrer. Adam V discussed the development of a smart contract where customers would pay a payment provider such as Bitpagos in fiat (Bitpagos do creditcard processing to bitcoin), then Bitpagos would settle into a multi-sig address controlled by the merchant and referrer. The merchant would initiate a transaction with two outputs; one of the outputs to the referrer representing the commission due. See below the first multi-sig approach. This ‘Payingbitsâ€™ idea could iterate to involving escrow or paying VAT/Sales tax directly to a tax authority. The trick will be to automate the output addresses using a nice User Interface and a seamless workflow such as the TransferWise payment workflow.
Hackcoin is all about exploring new ideas using blockchain technology. Great to see the dynamism of the Malaysian bitcoin community. Looking forward to doing another Hackcoin event in KL in the near future with Bitcoin Malaysia. For updates on the Malaysian blockchain community see Facebook page here.