Analysis of Blockchain on Surveys and Data Collection | Part 2

The previous article — published on Hackernoon, focused on the benefits of integrating blockchain technology into the survey and data collection space.Source

We discussed how blockchain enhances the authenticity of data collected through its attributes such as immutability. We also discussed the definite impact blockchain has in safeguarding user data collected during survey participation.

In part two of the impact of blockchain on surveys, we will tackle the user benefits that arise from blockchain integration and how they differ from the benefits that arise from centralized survey platforms.

User Benefits

According to a study conducted using Survey Monkey participants as the sample group, incentives were cited as one of the primary reasons why people take surveys.

Incentives encourage more people to take surveys. It is also highly likely that participants will even recommend the survey to their peers.

Now, in as much as rewards are a great contributor for survey participation, they are also the basis for incomplete surveys.

Some users may decide to quickly fill out their forms to get the reward at the end. The data they give may be grossly erroneous which may mislead the data collectors.

Blockchain has the potential to change these crude survey tactics. The rewards offered by blockchain powered surveys are usually coins or tokens that do not have any immediate monetary value. They either have to be traded or used within the survey platform.

The method employed not only ensures increased accuracy in data provided but also benefits the respondents through the data they give. The raw data can be translated to useful data which can be used to improve products or services meant for that particular target market.

For participants, the cryptocurrency based reward offered by blockchain powered surveys also acts as a form of investments. The introduction of participants into the cryptocurrency exchange space may prove more valuable that instant survey rewards offered by centrally powered surveys.

Confident responses

As aforementioned, getting accurate responses from survey participants is not always guaranteed. This hampers the purpose and usefulness of the survey as it gives a false depiction of the sample selected.

According to Infosurv, some of the reasons highlighted as to why false responses are given are mainly down to personal reasons. These are influenced primarily by the need to remain anonymous when giving answers. Users already know that data can easily be obtained by hackers especially in centralized systems; hence the data they provide is not always correct.

Blockchain’s reputation as a secure foundation will provide a confidence boost in the responses given. This is crucial for both the surveyor and the respondents.

The participants are likely to respond confidently and truthfully with the knowledge that their identity and responses are carefully safeguarded by blockchain technology. Surveys on topics such as politics, sex, and other socially sensitive issues can quickly be responded to with such an assurance. Surveyors placing their questions in blockchain powered platforms are likely to be comforted by this.

Elimination of fake surveys

Blockchain platforms are no place for fake surveys. The blockchain set up ensures that most if not all of the participants in the platform are legitimate.

Users can freely participate in surveys over blockchain platforms without fear. Participants will be sure that all surveys hosted on blockchain platforms are legitimate and that their responses are safely guarded within the platform.

Users are also likely to avoid participating in fake surveys that usually pop up in various sites on the internet. These surveys prey on gullible participants through the allure of unrealistic prizes for participating in very short surveys. With the increase in the number of blockchain platforms offering survey services such as the insights Network, there will eventually be no room for survey frauds.

How Benefits Differ

In the previous sections, it is already evident that centralized reward systems for surveys differ significantly from those platforms running on blockchain. The main difference is in the reward given for completing a survey. For blockchain, cryptocurrency is the principal reward while for centralized platforms, fiat is the main reward given. The utilization of both rewards differs as previously seen with cryptocurrency having a wider use case.

In both systems of the survey, responses are almost always assured. Researchers or surveyors usually end up getting the number of responses they target. However, the quality may differ based on the confidence the user has on the platform. Therefore, it is likely that the quality of responses will be higher in more secure platforms (blockchain) than in centralized platforms.

The pool from which a sample is selected may also differ in centralized and blockchain platforms. For blockchain platforms, a sample pool requested by the researcher is assured. The research is, however, likely to get more legitimate responders as blockchain platforms have more rigorous registration requirements compared to centralized platforms. In as much as both platforms deliver adequate survey pools, only one platform (blockchain) provides more legitimate respondents.

Similar results are also expected with fake surveys. It is less likely to find fake surveys in blockchain platforms than it is in centralized platforms.

There is a lot to gain from participating in surveys hosted in either platform. However, blockchain powered survey platforms are going the extra mile to educate their users on the technologies running their platforms among other things. For example, Insights Network has a segment specifically meant to inform users of blockchain technology and how it works. So after a survey, users can still gain a lot more from the platform.

Conclusion

The basis of this series is to educate researchers and participants on the importance of including blockchain technologies in carrying out surveys.

Over the two-part series, the importance of blockchain technology and how it can positively impact the survey industry has been studiously explored. Data collection is a very crucial part of this technological age, and any innovation that can improve the accuracy of data collection should be readily welcomed.

Blockchain has proved its worth in the industries it has been applied in. From fintech to supply chain management, it has shown its prowess.

This is likely to be the case in surveys. Blockchain has unique features that will help it improves data collection accuracy and speed. It has unique reward systems that respondents will appreciate including other in-house benefits that depend on the particular blockchain platform.

The integration of blockchain technology has already been applied in platforms such as Insights Network who have based their services on blockchain technology. Their membership is growing by the day, an indicator of the acceptance the market has shown towards this improvement.

Blockchain-based surveys are the next step in the development of surveys and data collection. It is time we embrace the benefits and evolve with the technology.

Please use this link to learn more about an existing blockchain based data collection company- Insights Network, or to learn further about existing public opinion on the nascent technology, please view the Deloitte 2018 Global Blockchain Survey.

#Surveys #DataCollection #BlockchainSurveys

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.

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Analysis of Blockchain on Surveys and Data Collection | Part 2 was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.