From the times when large banks and the government machineries exuded trust and confidence in people to today’s era where renting homes and lending money to complete strangers – the trust economy has slowly but surely shifted to the side of the sharing economy.
While the likes of Uber and Airbnb are rendering ownership of objects obsolete, it’s the efforts behind the building of ‘trust’ that’s fuelling such lifestyle changes.
There’s a compelling TechCrunch article by Adriana Stan, which also mentions about the metric of trust and building up trust beyond just customer reviews. Everything about people will be measure, right from our influence, social following, work connections, etc, will also provide one with our ‘trust score’ – something like the ‘credit score’ that banks and traditional ‘trust’ institutes are built upon.
Inspired by the shares by Epi Ludvik Nekaj and his Crowdsourcing Week series where he elaborates on the 5 Ps (People, Purpose, Platform, Participation, Productivity) of the Crowd Economy.
In his piece he mentions about how the foray of the web and mobile networks, have facilitated increased collaboration and cooperation. Defining:
The crowd economy is a dynamic ecosystem of productive people who participate through a platform with a purpose to achieve mutually beneficial goals.
Based on deep dives and experiences with both forms of economies (Sharing vs Crowd), here are conclusions in 3 points:
- The sharing economy’s foundation is ‘Trust‘, while in the crowd economy, it is ‘Collaboration‘.
- The key driver of the sharing economy is availability of ‘extra Resources‘, while in the crowd economy it is availability of ‘extra Knowledge‘ that’s fuelling its growth.
- ‘Commerce‘ focused organisations have best leveraged the sharing economy, while ‘Impact‘ focused organisations have made change with the virtues of the crowd economy.