The Linux Foundation, a world nonprofit group that allows innovation throughout the blockchain ecosystem by way of entry to open supply know-how, has introduced plans to launch the OpenWallet Foundation (OWF).
The OWF is a collaborative effort between corporations within the know-how and public sector, in addition to stakeholders throughout the blockchain ecosystem, to develop open-source software program to support the interoperability of digital wallets; software program designed to ship, obtain, retailer and monitor digital belongings.
According to a press launch issued on Sept. 13, the first objective of the OWF is to construct a multi-purpose open supply engine that anybody with the technical understanding can use to construct secure, safe, and privacy-protected interoperable wallets. The basis additionally stated it seeks to set up finest practices for digital wallet know-how.
Rather than making a digital wallet itself, the muse will deal with constructing an open-source software program engine that different organizations, corporations, and builders can use to create their very own multi-use digital wallets. Jim Zemlin, the chief director of the Linux Foundation, shared:
“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 for its potential.”
Accenture’s David Treat, a member of the Foundation, said:
“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,”
Joining Linux Foundation on this endeavor are different famend corporations like CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation.
