Linux will start a foundation to help make digital wallets
The OpenWallet Foundation will be started by the Linux Foundation, a global nonprofit that encourages innovation in the blockchain ecosystem by giving people access to open source technology (OWF).
The OWF is a group of companies in the technology and public sectors, as well as people who have a stake in the blockchain ecosystem. They are working together to make open-source software that will help digital wallets work together. These wallets are used to send, receive, store, and track digital assets.
A press release from September 13 says that the main goal of the OWF is to build a multi-use open source engine that anyone with technical knowledge can use to build safe, secure, and privacy-protected wallets that can be used with other wallets. The foundation also said that it wants to set standards for how digital wallet technology should be used.
Instead of making its own digital wallet, the foundation will focus on building an open-source software engine that other groups, companies, and developers can use to make their own digital wallets that can be used for more than one thing. Jim Zemlin, who runs the Linux Foundation as its CEO, said:
"We're sure that digital wallets will be a very important part of digital societies. Open software is the key to making things work together and keeping them safe. We're happy to have the OpenWallet Foundation here and excited about what it could do."
David Treat of Accenture, who is a member of the Foundation, said:
"Universal digital wallet infrastructure will make it possible to carry tokenized identities, money, and objects from one place to another in the digital world. Massive changes to business models are on the way, and the digital business that earns our trust to directly access the real data in our wallets to make better digital experiences will win.
Famous companies like CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation are working with Linux Foundation on this project.
===========
