- The Linux Foundation announced its intention to establish a new collaborative project named the OpenWallet Foundation to encourage the development of interoperable open-source digital wallets.
- The Linux Foundation will provide further information on the OpenWallet Foundation in its keynote address at Open Source Summit Europe on September 14.
The Linux Foundation announced its plans to establish a new collaborative project named the OpenWallet Foundation to encourage the development of interoperable open-source digital wallets.
OWF’s objective is to provide an open-source engine on which anybody can create interoperable wallets with the best industry standards for privacy and security. It would become the starting point for interoperability across wallets, enabling the exchange of currencies, tokens, tickets, assets, identification credentials, and other use cases.
The OWF was envisioned by Daniel Goldscheider, chief executive of banking startup Yes.com. said, “With the OpenWallet Foundation, we push for a plurality of wallets based on a common core.”
Digital wallets allow users to keep money, credit cards, event tickets, and other goods on their mobile devices, eliminating the need to carry them in physical wallets. Apple Wallet, Google Wallet, Samsung Wallet, PayPal, Venmo, and CashApp are some existing examples. Some digital wallets permit users to store their driver’s licenses, immunization records, and even vehicle keys.
The consortium comprises numerous business interests, including Okta, Avast, OpenID Foundation, Ping Identity, Accenture, and CVS Health, among other corporate players. All of them will contribute to developing the standards for the wallets that will ensure security, safety, privacy, and interoperability.
David Treat, global metaverse continuum business group and blockchain lead at Accenture, said, “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.”
With the emergence of blockchain technology, which enables decentralized identity and payment systems, open-source digital wallets are playing a crucial role in allowing individuals to keep and spend digital currency. In addition, they are also essential to the metaverse, which consists of interconnected virtual worlds where individuals will interact, work, and play. Having digital wallets that will allow users to identify themselves and buy from any business will be a must for this future.
By supporting the creation of an open-source engine, the OWF aims to give the means to industry partners to build secure mechanisms into their wallets, enabling them to collaborate. Incorporating interoperability standards into a central engine will increase the mobility of tokens, money, identities, and other documents between various wallets and reduce user irritation.