President Mark Killingsworth presided over today’s meeting. Lynn Walton provided the opening prayer. Mark led us in the Pledge of Allegiance. The meeting was held at the Holiday Inn North and on Zoom.
Joe Bost thanked those who helped with today’s meeting. There were no guests.
Mark provided a classification talk and presented information relative to a new technology.
Mark began his career in retail in 1967 here in Hattiesburg at Fine Brothers Clothing. In 1976 he went to work for Dillard’s and retired from that chain in 2018. When he first began his retail career, orders were completed by hand and in triplicate using carbon paper. By the time he began at Dillard’s, they had computers and were able to replace the carbon paper system. Those computers were made possible when IBM began producing and installing main frame computers in the late 1960’s.
Bill Dillard, the oldest son of the chain’s founder wrote his thesis about using computerized systems to manage a retail store. His good friend worked for IBM and is thought to have collaborated with Bill to develop the first computerized retail management computer system. Mark notes that the next technological breakthrough will be the use of blockchains to make and record transactions.
He then introduced a Ted Talks presentation by Mr. Don Tabscott. He says blockchain will replace the entire internet as we know it within the next few years. A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in a single list, called a chain. Each transaction added to a blockchain is validated by multiple computers on the Internet. Bitcoin is a good example of a blockchain that is in use today. Blockchains use a Cryptosystem that is almost totally secure. Tapscott says the problem with today’s system is the requirement of a middleman. Transactions are not always secure and the middlemen, such as banks, credit companies, etc. take a portion of each transaction. They are also centralized and often require days to complete a transaction. Blockchain transactions occur when the transaction is made and allow individuals or businesses to conduct their transactions one-on-one without a middleman.
Tabscott says financial institutions and Wall Street are concerned with this new technology. They are trying to find a way they can either compete or utilize the technology. It is anticipated that blockchains will be the dominant technology for most transactions by the year 2030.
You can learn more about blockchains by visiting the IBM website and searching for blockchains.
Mark noted that the club has now sold 38 DuBard tee shirts. We need to sell a minimum of 50 before the campaign will generate income. He encouraged all members to visit www.rotaryofhattiesburg.com, click on the Dubard link, and make their purchase soon.
There being no further business to come before the club, Mark then adjourned the meeting with our motto: “Service Above Self.”