ANX CTO: The popularity of blockchain is comparable to that of big data, and the blockchain industry will give birth to the next Google

Hugh休•马登, CTO of Hong Kong-based crypto asset trading platform ANX, also talked about the recent Bitcoin block expansion issue at the Finnovasia conference held in Hong Kong this week. On this issue, he used a metaphor to express his position on block expansion. He said: "People's concerns about block expansion are similar to 'red herrings'."

What does this mean? In logic, a red herring is a fallacy that diverts attention, such as using a false premise to support a conclusion, or combining two unrelated premises and assumptions. So, what Madden means is that people's concerns about blockchain scalability are illogical.

Because people's high expectations for the Bitcoin blockchain are incomprehensible to Madden.

Madden said:

"This is a complete red herring. Have you ever seen a single data transport that is responsible for every data transport in the world? There are good and bad applications, but scalability is not likely to be a huge problem."

Because in his opinion, the new industry of Bitcoin is a trend. He said that this is a trend that is difficult to change. He gave an example to illustrate this point: many entrepreneurs in the field of cryptocurrency are not from the financial field, nor have they worked in financial companies, but they are still doing well in the field of Bitcoin blockchain and will continue to do so.

"I've taken a close look at the next generation of industries and I think this is a trend and this is the industry our next generation will be working in."

Therefore, he believes that blockchain startups are more likely to become the next Google and Facebook than traditional financial institutions such as banks. In his view, banks' continuous joining of the R3 blockchain alliance highlights their fear of being eliminated by the times, but this sentiment is more likely to mask the fact that banks will not be able to compete with startups that are proficient in innovative technologies.

Blockchain is as popular as big data

Madden said that in recent months, the discussion around "blockchain" has been as heated as the discussion around "big data", and Gartner predicts that 75% of companies will invest in blockchain technology. Looking back at the amount of investment in blockchain companies in 2015, it is enough to prove Madden's statement.

“This year the hype around ‘blockchain’ has bordered on ‘big data’, with us seeing the largest investment ever by the New York Stock Exchange being a prototype blockchain equity platform solution.”

Madden believes that given this momentum, more and more professionals in the traditional investment industry will devote themselves to the blockchain industry in the future.

He concluded: “I think the blockchain field currently needs more talent than the big data field.”

Original article: http://www.coindesk.com/anx-cto-bitcoins-scalability-issue-is-a-red-herring/
By Pete Rizzo
Compiled by: printemps
Source: Babbitt Information (http://www.8btc.com/anx-cto)