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What is the sharing economy?

A digital platform allows people to share or exchange commodities, services, or other assets with one another as part of the sharing economy. It enables people to access things they need or create cash from unused resources like spare rooms or cars.

Technology platforms that link those who have something to share with those who need it frequently support the sharing economy. For instance, well-known sharing economy services like Uber or Lyft allow users to share rides in their personal automobiles for a fee while Airbnb allows users to rent out their extra rooms or full homes to tourists.

Peer-to-peer lending, where people may lend and borrow money from one another directly through online platforms, and co-working spaces, where people can share office space and resources with others, are more instances of the sharing economy.

Due to its promise to offer more flexibility, affordability, and convenience for both providers and consumers, the sharing economy has grown in popularity in recent years. Yet, it has also sparked questions about matters like legislation, security, and job rights for users of these networks.

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