Linux To Support Wallet Development Through OpenWallet Foundation

The Linux Foundation has announced plans to launch the OpenWallet Foundation (OWF).

OWF will be a collaborative effort that will see the foundation work with a host of companies and non-profit organizations that will create an open-source software engine to build digital wallets.

A Collaborative Effort 

The OpenWallet Foundation does not have any plans to create a digital wallet for itself. However, one of its goals is to make it significantly easier for other companies to create interoperable digital wallets for themselves. The foundation hopes that these wallets will be interoperable and have a variety of use cases. The OpenWallet Foundation stated in a press release that it would create an open-source software engine that can be used by other organizations to develop their own interoperable wallets.

Director of media relations and communications at the Linux Foundation, Dan Whiting, stated, 

“The OWF intends to enable many use cases where digital credentials and digital assets can be stored and easily accessed by users. One potential use case could include a cryptocurrency, but that will not be the only use case that could be addressed by the OWF open source engine.”

Open-Source Critical For Security And Interoperability 

The Linux Foundation believes that open-source software will play a critical role in ensuring security and interoperability. Executive Director of the Linux Foundation, Jim Zemlin, echoes the sentiment, stating, 

“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.”

Another member of the Linux Foundation, Accenture’s David Treat, stated, 

“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.”

Other Companies In The Endeavor 

The Linux Foundation is being joined by a host of companies in this endeavor, including the likes of CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, Polypoly, Procivis AG, Transmute, and Trust Over IP Foundation. 

The Linux Foundation was founded in 2000, with its projects backed by industry behemoths such as Microsoft, Google, Intel, and Meta. There are a number of members from the blockchain space as well, including 0Chain, Algorand, and enterprise-optimized blockchain developer, Casper Labs. The Linux Foundation is also the entity behind the hugely popular open-source operating system, Linux, and Hyperledger. Hyperledger is a non-profit organization that focuses on developing enterprise-grade blockchain infrastructure. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.