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Sharing economy is a business trend that thrives on collaborative consumption, enabling people to borrow or rent goods and services thus promoting monetization of assets. Previously, individuals discovered and shared such resources through word of mouth or classified ads in a local newspaper. With the latest technological advancements including the internet, pervasive computing, and mobile payments, sharing economy is breaking new frontiers as it opens new avenues of doing business. By easing the sharing of assets on a large global scale, technology today acts as the platform for ordinary people to advertise and sell their goods and services. This trend marks a significant shift from the legacy business practices that were a prerogative of full-time businesses.