Living in the era of unlimited access to information poses a risk of making the wrong decisions based on false assumptions. In today’s article, we will talk about the information bubble, how it happens and what solution we have created to protect against it.
Where does the information bubble come from?
The information bubble could also be described as a filter bubble. It is the phenomenon whereby the person looking for truthful information could unconsciously become a victim of the filtering algorithm. Search engines and popular social media are based on a set of rules of conduct that a website follows when suggesting content that may be of potential interest to you. The fundamental aim was to make it easier for users to find the right content. Still, the scale of operations and the overabundance of information have created a considerable threat to the user’s decision-making process.
What are the echo chambers?
Have you ever heard about the concept of echo chambers? It’s a form of informational space where people appear with a common point of view. What distinguishes an echo chamber from a regular interest group is not allowing the opposition opinions to the discussion. It results in simply believing in the information that could be false but still living in a consideration that your point of vision is the only proper one. The main problem of people living in echo chambers is that they don’t know what they do not know exactly. It could result in the radicalization of beliefs and the polarisation of society.
Why could the false be considered as the truth?
Our brain likes to simplify chaotic reality. It gives us the illusion of control and a deep belief that our optimistic point of view will be realized in the future. The situation when the group of people confirms our mindset is very comfortable. The false truth is often based on pseudo-scientific facts and explained with the intentionally selected data set in the corresponding context (cherry-picking). The brain will quickly connect the dots and send you the information that will affect your decision process. The echo chamber could be created by the Internet or traditional media like television or radio, leading to a serious crisis. Remind yourself of the year 2008, when everyone thought that the market was going in the proper direction till one of the biggest crises in history appeared one day.
Candao solution – Matchify
In Candao, we correctly observe the events in society and make conclusions. We have created a space where full access to the right, verified, and uncensored information will be a standard. We made a dedicated tool – Matchify. Due to it, you can find the proper informational channels based on “off” and “on-chain” recommendations. It will let you connect with the projects, investors, consultants, influencers, or agencies. With Matchify, you can be sure that the information filtered by the product is one hundred percent verified. Now you are having the opportunity to make the right decisions.
Information is one of the most significant keys regarding the decision process. The theory of perfect competition in economics assumes that access to accurate information is one of the keys to realizing the utopic vision of a perfectly competitive market. Your economic behaviors like investing, saving, or consumption depend on the sort of information you have. Candao allows you to separate the false from the truth and be a step ahead of people functioning in the echo chambers.