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 Open Wallet Foundation (OWF).
OWF is a collaborative effort between technology and public sector companies, as well as stakeholders of the blockchain ecosystem, to develop open-source software to support the interoperability of digital wallets; Software designed to send, receive, store and monitor digital assets.
According to a press release dated September 13, OWF’s primary goal is to build a multi-purpose open source engine that anyone with a tech savvy can use to build secure, secure and privacy-protected interoperable wallets. The foundation also said that it seeks to establish best practices for digital wallet technology.
Rather than creating a digital wallet itself, the foundation will focus on creating an open-source software engine that other organizations, companies, and developers can use to create their own multi-use digital wallets. Jim Zemlin, Executive Director of the Linux Foundation, shared:
“We are confident that digital wallets will play a vital role for digital societies. Open software is the key to interoperability and security. We are delighted to host the Open Wallet Foundation and are excited about its potential.”
David Treat of Accenture, a member of the Foundation, said:
“The Universal Digital Wallet infrastructure will create the ability to move tokenized identities, money and commodities from one place to another in the digital world. Massive business model change is coming, and the winning digital business will be the one that works to create better digital experiences.” for direct access to the actual data in our wallets.”
Joining the Linux Foundation in this effort are CVS Health, The Open Identity Exchange, Okta, the OpenID Foundation, Ping Identity, Polypoly, Procevis AG, Transmute, and the Trust Over IP Foundation, among other well-known companies.
