The Linux Foundation, the company behind one of the most popular operating systems, Linux, has announced plans to launch the OpenWallet Foundation (OWF) to create open-source digital wallet developement software.
The Linx Foundation has already been integrated into the decentralized space, enabling innovation within the blockchain ecosystem through access to open-source technology.
The foundation does not plan on creating its own digital wallet but instead focuses on developing an open-source software engine that allows other organizations, companies, and developers to create their own multi-use digital wallets.
The foundation is a collaborative effort among companies within the tech and public sectors and stakeholders in the blockchain space. OWF will develop open-source software that will help promote interoperability among digital wallets.
Through this open-source, multi-purpose engine, those with the technical knowledge and experience can develop safe, secure, and privacy-protected interoperable wallets. This foundation also looks to establish some best practices within digital wallet technology. Currently, the wallet space suffers from interoperability and a clear guide on best practices, and OWF plans to address that.
Jim Zemlin, the executive director of the Linux Foundation, stated the importance of creating an accessible open-source digital wallet development software:
“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”
Accenture’s David Treat, a member of the Foundation, also made a statement about the importance of having this software readily available:
“Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world. Massive business model change is coming, and the winning digital business will be the one that earns trust to directly access the real data in our wallets to create much better digital experiences.”
Also joining the Linux Foundation in their plans to make open-source digital wallet development software more accessible are CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation.