What is reputation? It´s a summary of a person's past actions, presented in a way that helps other users make decisions on how and when to engage with this individual.
Maybe this explanation is not necessary, because reputation has always been common in the offline world. For example, it is normal for friends to recommend you a vacation spot, a new restaurant or a car brand. All this is reputation. With the advent of the Internet, this concept came into use. Google, Amazon, Mercadolibre, Airnbn and others adopted this concept to show their users if they can believe the sellers. However, when the transaction is between unknown parties, both must know each other. This is the rental industry, and it´s completely different.
There are advocates of the idea that reputation will be the currency of the internet. There is also much research that supports it. The interesting thing is that unlike today and thanks to technology, the reputation that is generated in different circles will be integrated into the same place, being a companion of its owner wherever he goes.
So, if we believe that asset leasing is the future, for almost anything related to resource sharing, thinking about trust and reputation is a critical first step. But how can we demonstrate our reputation? It's a subjective and general concept. At Rent&Use we are working on it. We have created an algorithm to calculate the reputation balance after each transaction. We also use game theory to align incentives. In the next few years, all rental companies will be using this method.
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