Linux announces the launch of the OpenWallet Foundation

The renowned global nonprofit organization that fosters innovation within the blockchain space by providing access to open source technologies, The Linux Foundation, has grabbed headlines after announcing the launch of its OpenWallet Foundation (OWF).

The OWF is an initiative to build open-source software and to promote the interoperability of digital wallets, software designed to send, receive, store, and monitor cryptocurrencies. It involves companies in the technological and public sectors, as well as stakeholders in the blockchain ecosystem.

The OWF’s goal, according to an announcement from September 13, is to provide an open-source, robust engine that anybody can use to create interoperable wallets. By working together on open source code, the OWF aims to establish best practices for digital wallet technology that can be used as a jumping-off point to create interoperable, secure, and privacy-protecting wallets.

The foundation added that it intends to create industry standards for digital wallets. The Executive director of the Linux Foundation, Jim Zemlin commented on the new launch by stating:

“We are convinced that digital wallets will play a critical role in digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”

Linux is bringing an open-source software engine

With the new launch, instead of designing a digital wallet from scratch, Linux focuses on developing an open-source software engine that other businesses, organizations, and developers may use to build their own multi-use digital wallets.

“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 the trust to directly access the real data in our wallets to create much better digital experiences,” Accenture’s David Treat, a member of the Foundation, explained.

Notably, Linux’s rival company Ethereum Foundation would soon launch Ether’s The Merge event, scheduled for today.