- The Linux Foundation to develop and launch OpenWallet Foundation soon.
The Linux Foundation has declared its intent to launch the OpenWallet Foundation. The Linux Foundation is a globally popular non-profit organization that promotes inventions within the blockchain ecosystem by providing access to open-source technology(OWF).
The OWF is an initiative to programme open source software to boost the interoperability of digital wallets meant to transfer, accept, hold, and observe digital assets. It comprises businesses in the technological and public sectors and stakeholders in the blockchain ecosystem.
As per a new outlet, the primary aim of OWF(Open Source Technologies) is to create an interoperable open source engine that anyone with appropriate technical knowledge can access to create an interoperable wallet that is safe and secure with high-security protection. The Linux Foundation aims to develop industry standards for an electronic wallet.
The Linux Foundation focuses on programming an open-source software engine that businesses, organizations, and developers can use to develop their multi-purpose digital wallets instead of producing the digital wallet itself.
Jim Zemlin, executive director of the Linux Foundation, underlined, “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 about its potential.”
An official of the Linux Foundation, Accenture, David Treat, supported the statement of Jim Zemlin and Furthure’s statement that “Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to 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.”
The trend of digital wallets is gaining popularity in the current era because of the popularity of digital assets. In the last few years, it has been seen that digital currency is equally competing with traditional currency in the fintech sector.
Source: https://www.thecoinrepublic.com/2022/09/14/linux-is-on-the-brink-of-launching-a-foundation-to-promote-digital-wallet-development/