In the world of today, the economy holds paramount importance and is changing day by day at an accelerating rate. Even during the pandemic, the economy was prosperous because of the advancement in technological devices along with the platforms that allow people to work online at home in a safe and peaceful environment. Thus, the rate of sharing economy has not been mitigated at any cost in the past several years.
For ages, sharing economy is the one that is expanding at lightning-fast speed and continues to enlarge. But nowadays, there is a variety of private companies available in the market, so it becomes a very strenuous situation to determine the correct proportions of sharing economy.
Sharing economy has a lot of alternative names such as peer economy, collaborative economy, collaborative consumption, and more.
Importance Of Sharing Economy
We all know that in past years, people have been sharing their valuables with others, which is very common in nearly every society. But the invention of information technology and big data have expedited the processes undoubtedly. The reason is, it has become much easier for the people who own the valuable items to locate and interact with other people.
According to experts, sharing economy is a type of situation that makes it very easy for the public to earn profit from those goods that are not much used or we can say insufficiently used things of people. In addition, sharing economy is a network in which persons can share information and all sorts of assets such as valuables, funds, properties, vehicles, etc.
This can be done easily through computers operated by individuals. By using such a computing system, humans don't have to depend on a central system to transfer resources and that’s mainly because of the innovations in technology. In other words, this system can also be called a peer-to-peer networking system in which every client can become a server.
Working Of Sharing Economy
In other words, sharing economy can not take place at any cost without the mutual collaboration of the owners of costly articles and the people who pay funds for using such precious possessions.
Apart from that, those precious items that are physical can be utilized in the form of services provided by people.
Sharing economies have led a pathway of coming across business deals and other sorts of exchanges online and in person. For example, the belongings of people that are not in use such as extra cars or bedrooms can be given to other people for a certain amount of time and receive money for using these services.
This sharing economy can facilitate those who are deprived of such assets and those also who are in search of such services. Therefore, such sharing of valuables creates advantages for the owner as well as the tenant.
Examples of Sharing Economy
The most common example of sharing economy is the use of taxi applications these days including Uber and Careem applications. In this process, you can see that a person orders a car from the application and the car arrives at his destination after a while.
The person who uses the facility of a car pays cash in return to the car owner. Hence this is the most popular example of sharing economy that is very successful and comfortable for the passengers coupled with a tracking system to track the safety of the passengers and an online card system of payments in case the person does not have any cash with him.
Another example of sharing economy is the most famous company Airbnb. This is an American organization located in San Francisco that came into being about 14 years ago in August 2008. It is particularly made for those people who have traveled from another city or country and need a place to live for some days or more.
Thus, they pay the price for staying in Airbnb for as many days as they can and use the facilities provided by this marketplace which is booked online through their website. Hence, sharing economy is a very convenient system that provides assistance and services to those who are seeking immediate help and support including tourists and locals.
What's more, sharing economies facilitate one according to his needs at cheap rates so that everyone can afford it.
The best thing about this field is that you don't need to have high-level degrees or certifications to use them. The main thing you need to reap benefits from this economy is the number of funds in your pocket and cooperation with the owners of the goods.
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