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As the scope of current distributed computing model envisioned by the contemporary cloud computing environment enlarges to future federated Intercloud and ubiquitous & pervasive computing models such as Internet of Things (IoT), many difficult problems and challenges arise. Security is one of the most important and paramount concerns of such a computing environment. Current security mechanisms are very static, inflexible and not granular enough to make efficient and informed decisions in the Service Provider based computing environment. The conventional trust mechanisms in place are inadequate at addressing granular level trust issues in the highly distributed open environments. In this paper, we explore various Trust Management schemes and blueprints for enabling a framework that interested parties can use to determine the trustworthiness of disparate and heterogeneous computing entities. The paper also enumerates various business use case scenarios articulating how such a Trust Management framework would be highly invaluable for addressing the current as well as future computing environments needs.