Why Linux Will Form The OpenWallet Foundation

The Linux Foundation is launching the OpenWallet Foundation (OWF), an initiative to build open-source software to support the interoperability of multiple digital wallets. Mainly used for holding and transacting with cryptocurrencies and digital assets, Linux claims that these tools will be critical for everyday life in the coming years.

According to a press release, the OpenWallet Foundation will be in charge of developing secure open-source software to enable others to “build interoperable wallets”. Thus, the foundation will be focused on creating partnerships via building open-source code for others to create their own “secure, and privacy-protecting wallets”.

The OWF clarified that they won’t be building or offering a wallet of their own, only the software as mentioned above. Daniel Goldscheider, founder of the OpenWallet Foundation, said:

With the OpenWallet Foundation we push for a plurality of wallets based on a common core. I couldn’t be happier with the support this initiative has received already and the home it found at the Linux Foundation.

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OpenWallet Foundation At The Heart Of Digital Societies

The Linux Foundation believes in a future where people have control over their digital data, their payments, and other credentials. The release claims that the technology that they will build with the OpenWallet Foundation will empower “billions of people and small entities” for the digital future.

This vision seems in line with that of major big tech companies, such as Mark Zuckerberg-led Meta and Microsoft, which conduct a lot of their interactions on the Metaverse. In this digital world, people will need a way of digitally conducting payments, carrying their identities, and interacting with the digital world.

In that sense, David Treat, lead at Global Metaverse Continuum Business Group and Blockchain, forecasted the following:

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. We are excited to be part of the launch and development of an open-source basis for digital wallet infrastructure to help ensure consistency, interoperability, and portability with privacy, security, and inclusiveness at the core by design

The OpenWallet Foundation has already seen support from relevant companies, such as Authlete Inc, Avast, Accenture, Daon, CVS Health, Identity Woman in Business, and others. This digital transformation, and initiatives like the one proposed by Linux, seem poised to impact multiple sectors. Jim Zemllin, Executive Director at the Linux Foundation, added:

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.