- The Linux Foundation plans to launch the OpenWallet Foundation.
- The foundation will have non-profits and host companies working together for digital wallet development.
- The Linux Foundation anticipates an open-source software for wallets that ensures security.
The Linux Foundation has announced plans to support wallet development by launching the OpenWallet Foundation. The objective of this foundation is to ensure a collaborative effort between host companies and non-profits working together to create an open-source software engine that builds digital wallets.
In a press release, OpenWallet Foundation clarified that it has no intention to create digital wallets. However, it wants to make the digital wallet creation process easier and streamlined for external companies.
Linux Foundation wants the digital wallets that are created to be interoperable with a wide range of use cases. While a major use case involves cryptocurrency, the foundation shares that its explorations will not be limited to digital currency.
Dan Whiting, Linux Foundation director of media relations and communications, said that OWF wishes to enable wallets that easily store digital credentials and digital assets while remaining to be accessible to users.
“Delighted to host the OpenWallet Foundation,” Executive Director Jim Zemlin shared his enthusiasm for the launch, stating that he believes digital wallets are perennial for digital societies and open-source software is the secret key to unlocking interoperability and security.
Adding to that, Linux Foundation member David Treated opines:
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.