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Invention of magentronic
reserve allowed airline agents
to search a memory drum to
quickly determine the
availability of seats. Single
reservation time reduced from
120 minutes to 40 minutes.
1920s
1910s
Tony Jannus conducted the worlds first
scheduled commercial airline flight on
Jan 1st 1914 for the St. Petersburg-Tampa
Airboat Line operating two scheduled
flights per day, six days a week.
Passengers sat on a wooden seat in the
hull of a two-place seaplane that did
not have a windshield and rarely flew
more than 5 feet above the water. Price
of a one-way ticket was $5 for the 22minute trip. Passengers were allowed a
maximum weight of 200 lbs., including
hand baggage. Excess weight was
charged at $5 per hundred pounds,
minimum charge 25 cents.
1970s
1950s
1940s
Commercial Airline
Reservations are made
by agents on large card
index files with tally
marks for the number of
available and assigned
seats, and are only
accepted 30 days prior
to departure.
1960s
IBM develops the SABRE (Semi-Automatic
Business-Related Environment) reservation
system for American Airlines, the industry's
first to work over phone lines in "real time.
In the picture below, an AA operator sitting
at a prototype of the SABRE ticket agent
console poses next to 20,000 airplane
tickets. That represented one day of AA
ticket sales back in the early 1960s. Being
able to have instant updates to its seat
inventory and passenger information gave
AA a big competitive advantage.
1990s
1980s
Introduction of Global
Distribution Systems (GDS),
which allows airline agents
and travel agents to search
fares and book flight legs
across multiple carriers. A
GDS can link services, fares
and bookings consolidating
products and services across
all three travel sectors: i.e.,
airline, hotel, car rentals, and
other reservations.
2000s
Since 2000
consumers
are
increasingly
using smart
phones and
tablets to
book travel
and airline
reservations.
The Charga-Plate, developed in 1920s, was an early predecessor to the credit card. It
was embossed with the customer's name, city, and state. It held a small paper card on its
back for a signature. In recording a purchase, the plate was laid into a recess in the
imprinter, with a paper "charge slip" positioned on top of it. The record of the transaction
included an impression of the embossed information, made by the imprinter pressing an
inked ribbon against the charge slip. In some cases, the plates were kept in the issuing
store rather than held by customers. When an authorized user made a purchase, a clerk
retrieved the plate from the store's files & then processed the purchase. Charga-Plates
speeded back-office bookkeeping and reduced copying errors that were done manually
in paper ledgers in each store.
1920s
1910s
In 1914
Western
Union
began
issuing
charge
cards a.k.a
collect
cards to its
frequent
customers.
1930s
In 1934, American Airlines and the Air Transport Association simplified the
process even more with the advent of the Air Travel Card.They created a
numbering scheme that identified the issuer of the card as well as the
customer account. With an Air Travel Card, passengers could "buy now, and
pay later" for a ticket against their credit and receive a fifteen percent
discount at any of the accepting airlines. By the 1940s, all of the major
domestic airlines offered Air Travel Cards that could be used on 17 different
airlines. By 1941 about half of the airlines' revenues came through the Air
Travel Card agreement. In October 1948, the Air Travel Card became the first
internationally valid charge card within all members of the International Air
Transport Association
Bitcoin
Blockchain
(database) is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central
authority: maintenance of the block chain is performed by a network of communicating nodes running bitcoin software. Transactions of the form payer X sends Y
bitcoins to payee Z are broadcast to this network using readily available software applications. Network nodes can validate transactions, add them to their copy
of the ledger, and then broadcast these ledger additions to other nodes. The block chain is a distributed database; to achieve independent verification of the
chain of ownership of any and every bitcoin (amount), each network node stores its own copy of the block chain. Approximately six times per hour, a new group
of accepted transactions, a block, is created, added to the block chain, and quickly published to all nodes. This allows bitcoin software to determine when a
particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight. Whereas a
conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the block chain is the only place that bitcoins can be said to
exist in the form of unspent outputs of transactions.
Source: Wikipedia
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block
chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain
to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Mining is intentionally designed to be
resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be
considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary
purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system.
Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized
manner as well as motivating people to provide security for the system. it requires exertion and it slowly makes new currency available at a rate that resembles
the rate at which commodities like gold are mined from the ground. Bitcoin mining is so called because it resembles the mining of other commodities: it requires
exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.
for this presentation Bitcoin and bitcoin terminology are used interchangeably , but in technical literature , Bitcoin with a capital B refers to the protocol the code, the
nodes, the network and their peer-to-peer interaction. bitcoin with a lowercase b refers to the currency the cryptocurrency we send and receive, via the Bitcoin network.
Challenge explaining
the underlying disruptive
technology Blockchain to
a common person today.
satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin
(0.00000001 BTC). The unit has been named in collective homage to the original (anonymous) creator of Bitcoin, Satoshi Nakamoto
Wallets &
Addresses
Creating a
New Address
Bob creates a
new Bitcoin
address for Alice
to send her
payment to for
the purchase.
1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
When Bob creates a new address, what hes really doing is generating a Cryptographic Key Pair, composed of a Private Key
and a Public Key. If you sign a message with a Private Key (which only you know) it can be verified by using the matching
Public Key (which is known to anyone). Bobs new Bitcoin address represents a unique Public Key and the corresponding
Private Key is stored in his wallet. The Public Key allows anyone to verify that a message signed with Private Key is valid.
Submitting
a Payment
Verifying the
Transaction
Cryptographic hash
functions transform a
collection of data into an
alphanumeric string with
a fixed length, called a
hash value. Even a tiny
changes in the original
data drastically changes
the resulting hash value.
its essentially impossible to predict which
initial data set will create a specific hash value.
continued
(next page)
continued (from
previous page)
Verifying the
Transaction
Miners
Reward
(coinbase)
Transaction
Verified
Use Cases
News (What others are doing?) clickable links
General
Identity Management
IBM Bets Big On Blockchain, The Bitcoin Technology That Could Revolutionize Business (02/16/2016)
Nasdaq Linq Enables First-Ever Private Securities Issuance Documented With Blockchain Technology
(12/30/2015)
Harvard Business Review: Bitcoins Promise Goes Far Beyond Payments (04/24/2014)
8 Banking Giants Embracing Bitcoin and Blockchain Tech (Citibank, BNP Paribas, Socit Gnrale, UBS,
Barclays, Banco Santander, Standard Chartered) (07/27/2015)
Universal Air Travel Plan (UATP) & Bitnet Partnership Opens Up 260 Airlines to Bitcoin Payments
(02/10/2015)
Sabre: Bitcoins, digital currency and new opportunities for the industry (01/26/2016)
Amadeus IT Group: Travel payments take centre stage at ATPS in San Francisco (12/04/2014)
Leading European airline, Wizz Air, promoting the worlds first bitcoin-only espresso bar (02/17/2016)
LOT Polish Airlines, Air Lituanica, airBaltic are accepting Bitcoin along with normal payment options.
(08/05/2015)
Virgin Galactic Now Takes Bitcoin for Private Spaceflights, Sir Richard Branson Says (11/26/2013)
Universal Air Travel Plan (UATP) and Bitnet Work to Bring 'Frequent Flyer Miles' to All Bitcoin Enthusiasts
(02/14/2015)
Transfer of Property
Transforming Miles
(frequent-flyer)
Additional Revenue (for
those who choose to pay
with bitcoin or other
virtual currency)
Cost & Time Savings
(vs. credit card payment
fees, and other expenses
incurred with foreign
currency conversion )
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Appendix A : (free) links to online learning, videos, text book, projects & clubs etc.
Videos
Learn Bitcoin in one hour (each video is ~10 minutes)
Bitcoin &
1. What is it?
Blockchain for
2. Overview
high school &
3. Cryptographic hash functions
college students
4. Digital signatures
Source: Khan Academy, this effort was
5. Transaction records
partially funded by Bill & Melinda Gates
foundation, Google & others and designed
6. Proof of work
by Chief Technology Officer of RSA
7. Transaction block chains Security, Dr. Zulfikar Ramzan, Ph.D (MIT).
8. The money supply
9. The security of transaction block chains
(formal/free) Courses
Bitcoin and Crypto Currencies (CS 251): Autumn 2015
School of Engineering, Stanford University
New
development
The 21
bitcoin
computer
First computer with
native hardware and
software support for
the Bitcoin protocol
It is designed for
developers to easily
build Bitcoin-payable
apps, services and
devices
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Questions
Version
Release date
Author
Contact
0.1
03/13/2016
Vikram Andem
vikram.andem@united.com
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