The Linux Foundation, a global nonprofit organization that enables innovation within the blockchain ecosystem through access to open source technology, has announced plans to launch the OpenWallet Foundation (OWF).
The OWF is a collaborative effort between technology and public sector companies, as well as stakeholders within the blockchain ecosystem, to develop open source software that supports the interoperability of digital wallets; software designed to send, receive, store and control digital assets.
According to a press release issued on September 13, the main goal of the OWF is to build a multi-purpose open source engine that anyone with technical knowledge can use to build secure and privacy-protected interoperable wallets. The foundation also said that it seeks to establish best practices for digital wallet technology.
Instead of creating an actual digital wallet, the foundation will focus on building an open source software engine that other organizations, companies, and developers can use to create their own multi-purpose digital wallets. Jim Zemlin, Executive Director of the Linux Foundation, stated:
“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 about its potential.”
David Treat, of Accenture, a member of the foundation, stated:
“The universal infrastructure of digital wallets will create the ability to transport identity, money and tokenized objects from one place to another in the digital world. A massive business model change is coming, and the winning digital business will be the one that earns trust.” to directly access real data from our portfolios to create much better digital experiences.”
The Linux Foundation is joined by other renowned companies such as CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation.
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