Linux Foundation Launches OpenWallet Foundation To Support Digital Wallet Development

Linux Foundation Launches open source support for digital wallet development platforms. However, the platform does not appear to intend to create its own digital wallet. Its goal is to make it easier for companies to create their own wallets.

The Linux Foundation, a global nonprofit organization that enables innovation within the blockchain ecosystem through access to open source technology, has announced plans to launch the OpenWallet Foundation (OWF)

The OWF is a collaborative effort between companies in the technology and public sector, 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 monitor digital assets.

The main objective of the OWF is to provide a multi-purpose open source engine that anyone with technical knowledge may use to create interoperable wallets that are safe, secure, and privacy-protected. The foundation added that it wants to develop industry standards for electronic wallets.

The foundation will concentrate on developing an open-source software engine that other businesses, organizations, and developers can use to create their own multi-use digital wallets rather than producing a 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, the executive director of the Linux Foundation said

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