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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.
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Trust and the Sharing Economy
Topics of Interest
• Defining sharing economies• Current trust indicators• Solving the trust issue
Defining Economies
Commercial economies: “prices are the primary source of information about, and incentive for, resource allocation” Sharing economies: “non-price-based social relations play those roles.”
- Yochai Benkler, “Sharing Nicely”
Lessig’s Hybrid Economy
Hybrid economies: “one that builds upon both the sharing and commercial economies, one that adds value to each … either a commercial entity that aims to leverage value from a sharing economy, or it is a sharing economy that builds a commercial entity to better support its sharing aims”
- Lawrence Lessig, “Remix”
Three Stages So Far
• Purely digital– Flickr, YouTube, forums, communities, etc.
• Focused on sharing– Freecycle, Couchsurfing
• Driven by value– Airbnb, Skillshare, WhipCar, Spinlister, SnapGoods
The Rise of a New Term…
Collaborative consumption: “an economic model based on sharing, swapping, bartering, trading or renting access to products as opposed to ownership”
- Wikipedia
What Can You Share?
Altruism vs. Value
When Trust Fails
Airbnb Aims To Fix It
• $50,000 Host Guarantee• Address verification• 24/7 hotline• Social verification dashboard• And a whole lot more…
Transparent Profiles
Integrating the Social Graph
Airbnb’s Social Connections
Bespoke Insurance
• Insurance for unusual items• Love Home Swap is working with Lloyd’s to
develop insurance for housing swaps
TaskRabbit: An Intense Application
• Essays• Video Interview (OVIA screening platform)• Criminal background check– SSN, name, address– National, state, local levels
Sittercity: Many Profile Checks
TaskRabbit: Leaderboards
Done.com: Credit Card Verification
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
TrustCloud’s Methodology• Data vapor: transparency, consistency, longevity– Twitter, Facebook, LinkedIn, Google+
• Virtuous data: credible, reliable, helpful– Yelp, TripAdvisor, Quora
What about Influence?• Klout: standard measurement of influence
– measures network size, posting frequency, amplification– 1-100 scale
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
Kred Scores are Transparent• Kred shows users an “Activity Statement”
Online Meets Offline• Kred lets users pull in “Offline Kred”
Influence vs. Reputation
• Doesn’t account for negative feedback– 400 negative @mentions = 400 positive @mentions
• Quantity over quality– Network size– Posting frequency– Responses
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
How can wesolve the trust
problem?