THE FOUNDATION MAKES IT EASIER FOR COMPANIES TO CREATE WALLETS FOR THEMSELVES.
The Linux Foundation, a global non-profit organization that enables innovation within the blockchain ecosystem through access to open source technology, has announced plans to launch the OpenWallet Foundation (OWF).
OWF is a collaborative effort between companies in the technology and public sectors, as well as stakeholders within the blockchain ecosystem, to develop open source software to support the interoperability of digital wallets; Software designed to send, receive, store and track digital assets.
According to a press release issued Tuesday, OWF's primary goal is to build a multi-purpose open source engine that anyone with the technical know-how can use to create safe, secure, interoperable wallets with privacy protection. The foundation also said it is working to establish best practices for digital wallet technology.
Rather than creating a digital wallet itself, the foundation will focus on building an open source software engine that other organizations, companies and developers can use to create their own multi-purpose digital wallets. Jim Zemlin, executive director of the Linux Foundation, said:
“We believe that digital wallets will play a key role for digital companies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and are excited about its potential.”
Foundation Fellow David Treat of Accenture said:
“A universal digital wallet infrastructure will create the ability to transfer tokenized identity, money and objects from place to place in the digital world. A massive business model change is coming and the winning digital business will be the one that gains the confidence to directly access the real data in our wallets and create much better digital experiences.”
The Linux Foundation is joined in this effort by other renowned companies such as CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute and the Trust Over IP Foundation.