5 Ways Technology Is Affecting The Sharing Economy

Technology has reconstructed the sharing economy in the last couple of decades. With each passing year, new innovation brings new collaborative techniques that push the possibilities further and further.

Today, you can be able to make use of resources from any part of the world and achieve your goals faster. In fact, with the high adoption levels of mobile technology, people have now made the sharing economy part and parcel of business. Most times, people collaborate with others online via forums, crowdsourcing platforms, and many other areas. With the kind of modern technology in use, solutions now come faster. The sharing economy will not slow down anytime soon. You, therefore, need to inform yourself on how the new realities can work for you. Here are the 5 main ways technology is affecting the sharing market today.

1. It is redefining the essence of patent laws

Technology has in the past few years helped companies to have a more open-minded approach when it comes to offering solutions. Not long ago, patents were the main concern of technology companies who were coming up with new major innovations. With increased collaboration though, there has been more room for open source projects and the objectives have shifted from ownership rights to sharing of ideas. 

2. It is bringing dynamism at workplaces

The sharing economy has made it possible for people to work with flexible schedules. It has also brought dynamism into the business. The fixed timelines that used to define a typical work day have consistently been redefined. Because of collaborative efforts in a global economy, members of the same company working in varying timelines across the world can now collaborate without the barrier of time. Traders in financial markets are particularly finding it much easier to trade at their own timelines. Since it is possible to access brokers such as Admiral markets (also known as patikimas brokeris in Europe) at all times, the trading markets have practically become accessible 24 hours of the day.

3. It has elevated the importance of online reputation

Online credibility did not matter much a few years ago. Today, however, all kinds of online traders and investors primarily operate online. This is why the reputation is also tied to their online workplace. With options being provided for rating both online and offline services digitally, it has become inevitable for companies and individuals to not have the best profile online. The future definitely looks more centered on the online reputation because things like customer service are now practically part of the sharing economy. 

4. It is making life much easier

The most important aspect of the sharing economy is undoubtedly the convenience and ease it has brought to the lives of regular people. Technology has basically transformed the normal daily activities. Nowadays, most services can be requested online and delivered in an efficient manner either digitally or physically. This has increased the convenience of service delivery. It has also made services cheaper as companies are now competing for customers in an open and transparent market where customers can give their opinions about services and also access and compare services. The sharing economy has also made it possible to avail help those who need it in a much faster fashion.

5. It is disrupting the business environment

Technology is also without a doubt bringing a disruption to the traditional methods of doing work. Nowadays, it is easier to see some of the most enduring practices being abandoned for newer and more efficient methods of doing work. This has completely changed the mentalities of people both at work and in their personal lives. The disruption has been seen in manufacturing, service industries and various other areas that have been due for technological updates for a long time. Disruption would have been looked at with suspicious and unwelcoming attitudes in the recent past. Nowadays, however, people have become accustomed to frequent changes and updates.

The sharing economy will undoubtedly continue to become much more entrenched in the lives of people as technology moves to the next level. This will definitely continue to bring new modes of doing work and collaborating on projects. The concepts of borrowing and sharing will thus become normal in the digital realms and this will push the need for greater efficiency in all areas of life and work.