Since its founding 22 years ago, the Linux Foundation (LF) has backed various open-source software. Along with corporate behemoths like AT&T, Cisco, Fujitsu, Google, Hitachi, Tencent, VMware, Huawei, IBM, Intel, Meta, Microsoft, NEC, Oracle, Orange S.A., Qualcomm, and Samsung, the foundation is made up of software developers from all around the world. According to the announcement released on September 13, the LF aims to strengthen the infrastructure for universal digital wallets.
The OpenWallet Foundation (OWF), a new collaborative effort to build open-source software to support interoperability for a wide range of wallet use cases, was announced by the Linux Foundation. Leading businesses in the technology, public sector, and industrial vertical divisions, as well as standardization bodies, have already lent their support to the project.
The Linux Foundation announced in the press release on Tuesday that the program has already gained backing from several technology firms, including Accenture, Avast, and the Open Identity Exchange, as well as standards bodies and public sector members.
The initiative will concentrate on creating an open-source software engine that other businesses and organizations may use to create their own digital wallets. The OWF wallets are intended to serve a broad range of use cases, including identity verification, payments, and digital key management. Other potential use cases include cryptocurrency wallets, which now are a component of a larger digital economy.
Jim Zemlin, executive director of the Linux Foundation, said, “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.”
“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,” stated Accenture’s David Treat, a member of the Foundation.
