Platforms and Trust as Two Columns of Sharing Economy

Szabó, Kinga (2024) Platforms and Trust as Two Columns of Sharing Economy. ÉSZAK-MAGYARORSZÁGI STRATÉGIAI FÜZETEK. GAZDASÁG-RÉGIÓ-TÁRSADALOM : TÉRGAZDASÁGTANI ÉS ÜZLETI KUTATÁSOK LEKTORÁLT TUDOMÁNYOS FOLYÓIRATA, 21 (2). pp. 75-85. ISSN 1786-1594 (nyomtatott); 2560-2926 (elektronikus)

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Abstract

In the past two decades, economic models based on platform-based sharing, driven by the IT revolution, have caused a fundamental shift in traditional business practice, global capitalism, and societal values. The platform, along with all its features, has taken over the role of the organizational form since they have brought together strangers with under-utilized capacities and belongings, with those who need them without looking for ownership. The entire economic ecosystem - marketing techniques, business practices, supply chains, and consumption habits - has undergone a significant transformation. Consumer behavior is changing rapidly, and consumers are looking for appropriate and efficient access to goods and services through the Internet, without the financial, emotional, and logistical burdens of ownership. The radius of trust which was initially confined to family, friends, and local communities; now encompasses strangers who do not speak a common language and who are in different countries. Trust driven by Digital Identity (DI) and Trust and Reputation Information (TRI) have enabled what was considered unbelievable or even impossible some years ago. Further expansion and deepening of trust, based on new technologies combined with the international legal framework, has the potential to rewrite modern capitalism and societal values. This paper introduces the role of platforms in the evolution of the sharing economy, the role of trust in promoting such platforms, and the role of well-designed platforms in fostering and nurturing trust which is essential for promoting and sustaining sharing economy models.

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