So where does the data come from? Everywhere. "Big data" is vast in terms of its locations and where it's gathered. Anywhere from the data base of Google's search engine, to businesses and corporations, social media, and even down to the storage of a personal cell phone. For a company or analysis to be able to discover the value of their collected data, it must first be extracted.
This is done by using multiple big data tools and techniques. These tools are also referred to as high-performance analytics; which is "a technology solution used by businesses who need to solve complex problems requiring analysis of big data at a detailed level". A few examples of these tools include data mining, advanced analytics, and data visualization. Based upon the type and volume of the data thus determines which tools are to be used. Then once the data has been extracted, the actual value of the information for the company or industry can be established.
So why does the Federal Reserve care about social media?
The Federal Reserve is wanting to monitor and regulate Facebook and Twitter in attempts to better understand and influence the public's opinion, and why wouldn't they? Social media such as Twitter and Facebook are direct links to gaining an insight on what the general population is doing, feeling, and what their current views are about anything and everything. Of course an argument would include that it's an "invasion of privacy," but on the other side Twitter and Facebook are public records and both are easily accessed.
The Federal Reserve isn't the first to implement this idea. Wallstreet and even political parties are using this technology to correlate events such as campaigns or drops in stock prices, and then comparing them to "tweets" or "news feeds" that have been posted in direct regards to them. This information is valuable for those in higher power to retrieve and analyze, because proper actions can be implemented to meet the desired majority of the population. By Twitter and Facebook being monitored and regulated, more of the population can voice their opinions and be heard.
Because our generation is so technologically advanced, nothing is a secret. Especially if something is being posted on social media sites. Once the posts have been submitted, it then belongs in the mass database which can then be analyzed rapidly and efficiently by the use of high-performance tools, which were mentioned prior. The accessibility of social media and the direct link to the publics opinions and moods make it almost impossible for social media not to be regulated.
The Federal Reserve is aware of the controversy, but they also see the growing importance of social media, and the capabilities that would be presented upon analytical research of the information. Which makes sense for why they propose to regulate Twitter and Facebook.
http://www.mobiledia.com/news/143891.html
http://www.mobiledia.com/news/110208.html
http://www.sas.com/offices/europe/uk/downloads/data-equity-cebr.pdf
I feel this may infrenge on our freedom of privacy. I understand that social media are an open and public forum, But I don't think they should be allowed to use our own information in order to influence our decisions and opinions. This is when we will start to see the negative side of all our information just floating around out there.
ReplyDeleteI don't think that this is an infringement on our freedom of privacy. When you make a Facebook or Twitter profile, or any social networking profile for that matter, you are knowingly and willingly putting your information out into the open. There are ways to make profiles private, but that isn't exactly fool-proof. I'm sure the Federal Reserve can find ways around barriers like that. In my opinion, if you don't want people to use or see certain information about yourself, you should not put it online.
ReplyDeleteThey way the world works today with information flowing so freely and has the ability to be seen by anyone. You have got to know that organizations such as the Federal Reserve will take initiative to look into things like this or any other niche to find out information. Everyone wants our country to feel safe and small things like this are in place to eliminate secrecy. So I think that most people are already aware of the fact that all of the information they post on social media is available to be seen. I don't think that it is an infringement on our freedom of privacy. Its simple you always have to be cognizant of what you post on social media & I don't think anyone should take social media so seriously to the point that they don't want Federal Reserve to see what they post.
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