India, May 23 -- Over the past couple of years, we've started to rent and share assets rather than purchase and own them. It started by sharing our homes with strangers and carpooling our cab rides with people heading the same way. What started as a foreign concept has become all too common for us, from cars and cabs to homes and furniture.

However, the sharing economy has been around long before it became a buzzword. The idea of collaborative consumption like sharing your apartment with a roommate or renting a car is an old practice. The rise of the internet has made it easier to expand this way of living among strangers as well. We now have platforms organizing this economy, exerting control over the user, and creating a level of trust...