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The Linux Foundation (1) (a nonprofit organization operating on a global scale that promotes innovation in the blockchain ecosystem by facilitating access to open source technology), recently announced plans to establish the OpenWallet Foundation (OWF) (2).
To create open-source software that facilitates the interoperability of digital wallets and software that is intended to send, receive, store, and monitor digital assets, firms in the technological and public sectors, as well as stakeholders within the blockchain ecosystem, have collaborated.
The main objective of the OWF, according to a press release (3) released on September 13, is to develop a multipurpose open-source engine that anyone with technical knowledge can use to build safe, secure, and interoperable wallets that protect users' privacy, to establish best practices for digital wallet technology.
Instead of building a digital wallet on its own, the foundation is concentrating on building an open-source software engine that will allow businesses, organizations, and developers to build their multi-use digital wallets.
With open software being the key to interoperability and security, digital wallets have a crucial role to play in developing and establishing digital societies. The OWF has the potential to transform the way markets operate. When a major business model shift occurs, the ability to carry tokenized identities, money, and objects from place to place in the digital world will be created.
The leading digital business will be the one that gains trust to directly access real data in wallets to improve the digital experience. Companies joining the Linux Foundation in this effort include CVS Health (4), The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, Polypoly, Procivis AG, Transmute, and Trust Over IP Foundation.