Too smart not to share

IT's 20 minutes to nine and you are running late for a meeting. Five cabs have sped by, all proclaiming "hired" in angry red capital letters of rejection. You fire up the Uber app on your smartphone and, five minutes later, are on your way in a friendly stranger's Camry.

Uber and other businesses such as AirBnB, iCarsClub ("Rent your neighbour's car"), and Bonappetour ("Dine at homes around the world") are part of the sharing economy. Essentially, these companies provide a platform for information to be shared, matching demand with supply at a C-to-C level. This enables individuals to monetise their unused time, skills and/or assets, and offers consumers interesting (and often cheaper) alternatives to the traditional options. The sharing economy has enormous potential to optimise a society's resources and to change the way people relate to one another, but it is not without its risks and detractors.

There have been nightmares galore reported by users of the sharing economy. Two Stockholm women apparently handed over the keys to their AirBnB-listed apartment only to have their flat used as a brothel. They found out when police raided the place and arrested the prostitutes who were plying their trade. Sexual assaults have also been reported in ride-sharing services.