Asset sharing is not a new concept; cooperatives are a prime illustration of how communities have traditionally pooled resources and collaborated. On the other hand, asset sharing is becoming an increasingly essential component of new business models, connecting spare capacity and demand by providing consumers access to a product or asset rather than mandating ownership. It's also referred to as the sharing economy. While companies have long strived to develop solutions that make customers' lives easier, the sharing economy is prosperous because it encourages thrift and social responsibility. It allows consumers to participate in more activities that are cost-effective and long-term.