Conclusion: The evolution of the social web 2.0 is creating a plethora of technologies for conducting transactions, with eBay, Amazon and PayPal being the most prominent players. The global financial crisis has sped up a trend towards specialised markets for peer-to-peer transactions and towards radically new business models that have the potential to transform entire industries. Consumers and SMEs are driving the change, and traditional banks and established corporations must re-focus part of their competitive edge on those areas that complement peer-to-peer transactions. Peer-to-peer exchange is as old as recorded human history, but traditionally it was limited in scope, leading to the creation of financial institutions that perform the role of a broker of trust between sellers and buyers, a role that is now being challenged by web based alternatives.

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Jorn Bettin

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Jorn Bettin