Sharing economy is the oldest business model, which uses technology to develop a huge source of value. It can be called as matchmakers, where two or groups of customers gets together to conduct business. The sharing economy, unlike traditional firm, does not involve in buying inputs, making and selling stuff. They just recruit the participants, and the access to one group of participants is sold to the other participants. The future lies in the hand of the matchmaker economy with different scope and choices to expand the business model. Sharing economy is regularly used throughout the day. It can be the utilization of the operating system to sell or buy stock in the share market, exchange of trading stock or to find a mate using a website. Likewise Gig economy, where companies are involved in connecting workers with the families who need them, the sharing economy matches up the unused capacity. The sharing economy is spreading the tentacles to various fields of economy. Platforms are being developed on the existing platform (Parry, 2005). For example, Android, which acts as a open source platform for the handset makers and app developers, is now being used by the Uber to establish connection with the drivers and the passengers Now Uber is further utilizing the platform to connect the consumers with restaurants, who wish to take a meal with their companions. The concept of this model is not new in the society. The various stock exchanges operating around the globe are providing services for several centuries. In the recent time, with the advancement of broadband, software and cloud storage, Economic sharing model is getting turbocharged. Companies like Airbnb and Uber, depend on the internet technology, and without these, they would not have existed. The use of internet technology by the sharing economy in other fields is visible. For example, mobile platform money transaction has largely replaced the traditional banking system in many countries around the globe. In Kenya, more than 90% of the adults are dependent on the mobile platform to transfer and receive money.
Airbnb is challenging the traditional hotel industry with more than 1.5 million rooms all over the globe. With the use of media technology, collaborative consumptions have taken place. In traditional firm, the producers and end users are only involved, where the assets of an owner lie unused for most of the time (Rothärmel, 2017). With the advancement of internet technology, the firms like Airbnb has developed a way to establish a platform to connect the owner and the individual, who wishes to use the product by paying the rent. Such collaborative consumptions have several benefits as the owner can earn some money from the underused assets.