The international nonprofit organization Linux Foundation has declared their plans to launch the OpenWallet Foundation (OWF).
The OWF is a collaborative initiative where companies in the technology and public sector, along with stakeholders within the blockchain ecosystem, come together to build open-source software to promote the interoperability of digital wallets.
The main objective of the OWF, according to the news release on September 13, is to provide a multi-purpose open source engine that anyone with technical knowledge can use to create interoperable wallets that are safe, secure, and privacy-protected. The foundation added that it intends to develop industry standards for digital wallet technology.
The foundation will focus on developing an open-source software engine that enables other businesses, organizations, and developers to create custom multi-purpose digital wallets — rather than creating the digital wallet itself.
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.
Jim Zemlin, Executive Director at the Linux Foundation
Other well-known companies including The Open Identity Exchange, Okta, CVS Health, OpenID Foundation, polypoly, Ping Identity, Transmute, Trust Over IP Foundation, and Procivis AG are joining the Linux Foundation in this initiative.
