The Linux Foundation has announced intentions to establish the OpenWallet Foundation, a global nonprofit organisation that fosters innovation within the blockchain ecosystem by providing access to open source technologies (OWF), as reported by Cointelegraph.
The OWF is an initiative to build open-source software to promote the interoperability of digital wallets, software meant to send, receive, store, and monitor digital assets. It involves businesses in the technological and public sectors, as well as stakeholders in the blockchain ecosystem.
According to Cointelegraph, the main objective of the OWF, according to a news release from September 13, is to provide a multi-purpose open source engine that anyone with technical knowledge can use to create interoperable wallets that are safe, secure, and privacy-protected. The foundation added that it wants to develop industry standards for electronic wallets.
The foundation will concentrate on developing an open-source software engine that other businesses, organisations, and developers can use to create their own multi-use digital wallets rather than producing a digital wallet itself. “We are convinced that digital wallets will play a critical role in digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential,” Jim Zemlin, the Linux Foundation’s executive director, stated.
“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,” Accenture’s David Treat, a member of the Foundation, further stated.
Other well-known businesses including CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation are joining the Linux Foundation in this quest, Cointelegraph noted.
(With insights from Cointelegraph)
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