Facebook is among the most powerful organizations in the world, claims BBC News in a recent article. First of all, Facebook has more users than there are people in China, so if it were a country, it would be the biggest one in the world in terms of population. And also the most informed one.
Whenever we like a page on Facebook, share, or post something, the powerful algorithms of the social media giant get to know each person very well. Facebook knows our age, ethnicity, where we live, where we traveled, our sexual orientation, political affiliation, social class, and much, much more. If it were a totalitarian state, it would have the best information about its citizen ever in the history of the human kind.
With information we voluntarily share on Facebook it is possible to create visual maps and flow charts that will determine who we are with great accuracy. This is great from advertiser’s perspective as targeting becomes easy.
There are so many ways to exploit this data from a business perspective. It could also be easy from a political one. In the past, Facebook has been accused of favoring liberal media at the expense of conservatives.
Facebook isn’t the only social media company exploiting our personal data for commercial gain. In fact, most social media sites seek to do it to a lesser or larger degree. Google is another online giant seeking to utilize consumer data to gain advertising revenue. Amazon does that as well.
There are privacy concerns, but it is us who share our private data voluntarily. So, next time be careful about what you share or like online.