Rachel Botsman: The currency of the new economy is trust

Summary

The video script explores the growing importance of reputation in the digital age, highlighting platforms like Airbnb and TaskRabbit that facilitate peer-to-peer exchanges based on trust. It showcases how individuals can become micro-entrepreneurs, leveraging their existing assets and building trust with strangers through technology. The speaker emphasizes the value of reputation as a form of social capital that can unlock opportunities and influence, potentially becoming more significant than traditional credit scores. The talk also raises questions about privacy and the aggregation of reputation data across different platforms.

Takeaways

• 🏠 The script introduces Sebastian Sandys, an Airbnb host since 2008, who has enriched his life by hosting guests from around the world in his 18th-century watchhouse.
• 🐱 Sebastian bought a cat named Squeak to protect his reputation on Airbnb after a guest spotted a large mouse in his kitchen and requested a cat as a condition for not leaving a bad review.
• 🌍 Airbnb exemplifies a peer-to-peer marketplace that matches people with space to rent with those seeking accommodations in over 192 countries, offering unique places like treehouses and castles.
• 📈 The rapid growth of Airbnb is illustrated through heat maps of Paris from 2008 to 2012, showing the exponential increase in hosts and the unlocking of idle capacity and value through technology.
• 🤝 Collaborative consumption is an emerging economy and culture where people become micro-entrepreneurs, empowered to make and save money from their existing assets, facilitated by building trust between strangers.
• 💡 Trust and efficiency are identified as the critical ingredients in collaborative consumption marketplaces, with personal relationships replacing empty transactions.
• 👨‍💼 The story of Chris Mok, a 46-year-old man known as SuperRabbit, illustrates how platforms like TaskRabbit can provide employment opportunities for those struggling to find work, with tasks ranging from household chores to assembling Ikea furniture.
• 🔗 The script discusses the importance of reputation in the digital age, where it is becoming more valuable than traditional credit history and can influence access to opportunities and resources.
• 🔑 Reputation is described as a measurement of community trust and is increasingly important as we engage in various online communities and marketplaces, leaving a trail of trustworthiness.
• 🔮 The potential for a reputation dashboard is envisioned, where a person's trustworthiness across different platforms and contexts could be aggregated to form a comprehensive view of their reputation capital.
• 🌐 The script raises important questions about digital identity, privacy, and the ownership of reputation data, as well as the challenges of aggregating and contextualizing reputation information.

Q & A

What is the significance of reputation in the context of the sharing economy?

Reputation is crucial as it serves as a measure of trust within communities, particularly in peer-to-peer marketplaces like Airbnb, where trust is built between strangers using technology.

How has Sebastian Sandys' life been impacted by his involvement with Airbnb?

Sebastian Sandys has been a bed and breakfast host on Airbnb since 2008, enriching his life by hosting guests from around the world in his 18th-century watchhouse, including adopting a cat named Squeak to protect his reputation.

What is the concept of collaborative consumption?

Collaborative consumption is an economy and culture where people share access to goods and services, often facilitated by technology, which empowers individuals to become micro-entrepreneurs and unlock the value of idle assets.

How does Airbnb leverage technology to build trust between users?

Airbnb uses technology to create a platform where users can leave reviews and ratings for each other, thus building a reputation system that fosters trust among strangers who are looking to rent or provide accommodations.

What is the role of TaskRabbit in the collaborative consumption marketplace?

TaskRabbit is a service networking platform where people can outsource tasks and vetted 'Rabbits' bid to complete them. It enables people like Chris Mok, who was unemployed, to find work and generate income.

How does the reputation system on TaskRabbit work?

TaskRabbit uses a rigorous interview process to vet 'Rabbits'. Users post tasks with a price, and Rabbits bid on them. Reputation is built through ratings and reviews, with higher reputations increasing the chances of winning bids and the rates they can charge.

What is the potential impact of reputation capital on traditional credit scoring?

Reputation capital, which reflects an individual's trustworthiness across various communities and marketplaces, could become more powerful than traditional credit history, potentially influencing access to services and opportunities.

How does the reputation system in platforms like Airbnb and TaskRabbit empower individuals?

These systems allow individuals to build a reputation based on their interactions and services provided. A good reputation can lead to more business opportunities, higher earnings, and a sense of personal power and validation.

What are some of the challenges associated with aggregating reputation data from different platforms?

Challenges include ensuring that the data is accurate and relevant, respecting privacy and transparency concerns, and determining how to weigh different types of reputation data in a meaningful way.

How does the script suggest the future of reputation in the digital age?

The script envisions a future where reputation data is aggregated in real-time across various platforms, creating a comprehensive 'reputation dashboard' that could influence economic and social opportunities.

What is the potential broader impact of reputation-based systems on society?

Reputation-based systems could lead to a positive disruption in power dynamics, trust, and influence, potentially making reputation a more significant socioeconomic factor than traditional credit scores.