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Trust and the Sharing Economy

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I was invited to speak with Professor Arun Sundararajan‘s “Networks, Crowds and Markets” class on the topic of “Trust and the Sharing Economy.” The discussion focused on current trust indicators on collaborative consumption platforms and potential ideas for solving the trust issue currently present.

Published in: Technology

Trust and the Sharing Economy

  1. 1. Trust and theSharing Economy
  2. 2. Topics of Interest• Defining sharing economies• Current trust indicators• Solving the trust issue
  3. 3. Defining EconomiesCommercial economies: “prices are the primarysource of information about, and incentive for,resource allocation” Sharing economies: “non-price-based socialrelations play those roles.” - Yochai Benkler, “Sharing Nicely”
  4. 4. Lessig’s Hybrid EconomyHybrid economies: “one that builds upon both thesharing and commercial economies, one that addsvalue to each … either a commercial entity thataims to leverage value from a sharing economy, orit is a sharing economy that builds a commercialentity to better support its sharing aims” - Lawrence Lessig, “Remix”
  5. 5. Three Stages So Far• Purely digital – Flickr, YouTube, forums, communities, etc.• Focused on sharing – Freecycle, Couchsurfing• Driven by value – Airbnb, Skillshare, WhipCar, Spinlister, SnapGoods
  6. 6. The Rise of a New Term…Collaborative consumption: “an economicmodel based onsharing, swapping, bartering, trading or rentingaccess to products as opposed to ownership” - Wikipedia
  7. 7. What Can You Share?
  8. 8. Altruism vs. Value
  9. 9. When Trust Fails
  10. 10. Airbnb Aims To Fix It• $50,000 Host Guarantee• Address verification• 24/7 hotline• Social verification dashboard• And a whole lot more…
  11. 11. Transparent Profiles
  12. 12. Integrating the Social Graph
  13. 13. Airbnb’s Social Connections
  14. 14. Bespoke Insurance• Insurance for unusual items• Love Home Swap is working with Lloyd’s to develop insurance for housing swaps
  15. 15. TaskRabbit: An Intense Application• Essays• Video Interview (OVIA screening platform)• Criminal background check – SSN, name, address – National, state, local levels
  16. 16. Sittercity: Many Profile Checks
  17. 17. TaskRabbit: Leaderboards
  18. 18. Done.com: Credit Card Verification
  19. 19. TrustCloud: A Reputation System• Mission: help users understand and leverage online trust they’ve built in the sharing economy• Immediately accessible, portable, objective, transparent, secure
  20. 20. TrustCloud’s Methodology• Data vapor: transparency, consistency, longevity – Twitter, Facebook, LinkedIn, Google+• Virtuous data: credible, reliable, helpful – Yelp, TripAdvisor, Quora
  21. 21. What about Influence?• Klout: standard measurement of influence – measures network size, posting frequency, amplification – 1-100 scale
  22. 22. The Influence Wars• Kred enters the area – Influence: 1-1000 score based on retweets, followers, replies – Outreach: 1-10 score on generosity; rewards actions, interactions with others
  23. 23. Kred Scores are Transparent• Kred shows users an “Activity Statement”
  24. 24. Online Meets Offline• Kred lets users pull in “Offline Kred”
  25. 25. Influence vs. Reputation• Doesn’t account for negative feedback – 400 negative @mentions = 400 positive @mentions• Quantity over quality – Network size – Posting frequency – Responses
  26. 26. Solving the Trust Issue• Incorporating transparent profiles• Integrating the social graph• Developing bespoke insurance• Implementing screening processes• Ranking users on a leaderboard• Verifying buyer credibility• Creating a reputation system• Pulling in offline credibility
  27. 27. How can wesolve the trust problem?

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