Looking around at the world, trust is probably the thing that is most lacking in our current business environment. Technology is at a strange middling capability, where it can do a lot more, but we never have any strong way of verifying who is on the other end of a transaction.
The emergence of companies like Craigslist and eBay saw many people gain seemingly random connections with others by doing business through the Internet, but it also saw an increase in fraud and worse. These were made possible by the faceless interactions that occurred through new connections made over the Internet, and the result was a populace that was mistrustful of any sort of business being carried out completely through the Internet.
Many people were afraid to use their credit cards online for the longest time. The general opinion was that you would almost definitely get ripped off if you did so, and this made difficult for many companies to establish themselves.
If people want someone to trust in a business interaction with a massive company, then it should be realized that this feeling applies doubly to the peer-to-peer (P2P) market. Doing deals with someone you have never met requires some level of “trust” that most people are too jaded to have.
Blockchain sharing economy
This is where Blockchain technology factors in. The P2P market can benefit greatly from implementing Blockchain technology so that nobody needs to take a leap of faith, and can instead just depend on the quality of the technology verifying the trust.
With the advent of companies like Uber and Airbnb, the sharing economy truly is beginning to take over the world, but some barriers are preventing it from scaling out in other sectors like the car-sharing industry. The world is experiencing lower demand for car ownership and a higher demand for car sharing, but trust has become a barrier to scaling this out.
Darenta is a company that thinks they can beat this problem by applying Blockchain technology to create a solution that allows for users to share their cars with ease. The end result will be a safer experience for customers where they can trust each other not to rip them off.
If things go according to plan, Darenta could end up being the largest international platform for car rentals on Blockchain in the world. The basic idea is that private car owners can rent out their insured cars over the car sharing IT platform. The project depends upon a mobile solution which employs geolocation, smart contracts and other Blockchain technology.