The OpenWallet Foundation will work with a group of companies and non-profits to build an open-source software engine for making digital wallets.
The Linux Foundation, a nonprofit that helps make open-source software, wants to start the OpenWallet Foundation (OWF), which will be a group of people working together to encourage the creation of digital wallets that can be used in different ways.
According to the press release, the OWF will focus on building an open-source software engine that other organizations and companies can use to make their own interoperable digital wallets. OWF won’t make its own wallet, and it won’t provide credentials or new rules for making wallets.
Dan Whiting, who is in charge of media relations and communications at the Linux Foundation, reported that, “The OWF wants to make it possible for users to store digital credentials and digital assets and easily get to them. One possible use case could be a cryptocurrency, but that’s not the only thing that the OWF open source engine could be used for.
Open source is important
Jim Zemlin, the executive director of the Linux Foundation, says, “We are sure that digital wallets will be very important in digital societies. Open software is the key to making things work together and keeping them safe.
David Treat, who runs Accenture’s Global Metaverse Continuum Business Group and is in charge of Blockchain, said, “Universal digital wallet infrastructure will make it possible to move tokenized identities, money, and objects from one place in the digital world to another. Massive changes to business models are on the way, and the digital business that earns our trust to directly access the real data in our wallets to make better digital experiences will win.
The Linux Foundation was started in 2000, and tech giants like Intel, Microsoft, Google, and Meta Platforms are among its more than 3,000 members. The foundation’s website says that storage platform 0Chain, Algorand, and enterprise-optimized blockchain developer Casper Labs are all members that are related to blockchain. The Linux Foundation is the organization behind Linux, a popular open-source operating system, and Hyperledger, a non-profit that works to build enterprise-grade blockchain infrastructure.
