Linux will launch Foundation to support the development of digital wallets

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The Linux Foundation, a global non-profit 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 in the blockchain ecosystem, to develop open source software to support digital wallet interoperability; software designed to send, receive, store and monitor digital assets.

According to a press release published on September 13, the main goal of the OWF is to create a versatile open-source engine that anyone with the technical knowledge can use to create safe, secure and privacy-protected interoperable wallets. The foundation also said it seeks to establish best practices for digital wallet technology.

Rather than building a digital wallet itself, the foundation will focus on creating an open-source software engine that other organizations, businesses, and developers can use to build their own multi-purpose digital wallets. Jim Zemlin, Executive Director of the Linux Foundation, shared:

“We are convinced that digital wallets will play a vital role for digital companies. Open source software is the key to interoperability and security. We are delighted to welcome the OpenWallet Foundation and excited about its potential.

Foundation Fellow David Treat of Accenture said:

“The Universal Digital Wallet Infrastructure will create the ability to transport tokenized identity, money and objects from place to place in the digital world. A massive business model shift is coming, and the winning digital business will be the one that gains the trust to directly access the real data in our wallets to create much better digital experiences,”

Joining Linux Foundation in this endeavor are 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.