The Linux Foundation has announced plans to create a new organization, the OpenWallet Foundation (OWF), which will provide the foundation for companies to create digital wallets on an open source platform.
“OWF’s mission is to develop a secure, multipurpose, open source engine that anyone can use to build interoperable wallets,” the organization explained.
“OWF aims to establish best practices for digital wallet technology by collaborating on open source code for use as a starting point for anyone seeking to build interoperable, secure and privacy-preserving wallets.”
Linux OpenWallet Foundation
The idea behind OWF isn’t to create a wallet to rival Apple Wallet and Google Wallet, but rather to create “a versatile open source engine that anyone can use to build interoperable wallets,” which the foundation sees things like secure payments and digital keys being used.
Companies will then be able to take advantage of OWF’s work and develop their own digital wallets, which the Linux body says will improve interoperability, security and privacy.
Linux Foundation CEO Jim Zemlin said in a statement that “digital wallets will play a critical role in digital societies,” so OWF’s work could prove valuable in ensuring a more level playing field in the years to come.
Going forward, Global Metaverse Continuum Business Group & Blockchain Lead at Accenture, David Treat, believes that “a universal digital wallet infrastructure will enable the transfer of tokenized identity, money and objects from place to place in the digital world.”
Meanwhile, Pramod Varma, chief architect at Aadhaar & India Stack, sees “verifiable credentials… becoming a major tool for digitally empowering billions of people and small businesses,” highlighting the standardization work OWF hopes to do.
The authority aims to launch the new entity later in 2022 and expressions of interest in collaboration can be expressed at OpenWallet Foundation website (opens in new tab).
https://www.techradar.com/news/the-linux-foundation-wants-to-tackle-digital-wallets-next/
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