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The Linux Foundation launches OpenWallet Foundation

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Indrani bose Follow

INDIA

Sep, 14 2022

Sep, 14 2022

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The Linux Foundation launches the OpenWallet Foundation (OWF) which is a project that mainly aims to interoperability of wallets and digital IDs. It will be created as part of a fresh cooperative initiative to provide open-source software to support compatibility for many different wallets use cases.  


The OWF is an initiative to build an open-source software engine to promote the interoperability of digital wallets, software meant to send, receive, store, and monitor digital assets. Stakeholders from the blockchain ecosystem, as well as businesses in the technological and public sectors, are involved. Using this multi-purpose open-source engine anyone with technical knowledge can use it to create interoperable wallets that are safe, secure, and privacy-protected. This open-source software engine can be used by other businesses and organizations 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. The Linux Foundation said Tuesday that several technology companies have already endorsed the initiative, including Accenture, Avast, and the Open Identity Exchange, as well as standardization organizations and public sector representatives. 


The OWF won't be issuing its own wallet, nor will it provide credentials or establish any new standards, according to the Linux Foundation. In addition, the foundation intends to develop industry standards for electronic wallets. Among the companies joining the Linux Foundation in this endeavor are CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation. Some of the most well-known digital wallets include PayPal, Apple Wallet, Google Wallet, and Block's Cash App, which supports Bitcoin.  


During the Open-Source Summit Europe in Dublin, Ireland, on 14 September 2022, the OpenWallet Foundation got officially unveiled. 


Other potential use cases include cryptocurrency wallets, which now are a component of a larger digital economy. 

About Linux Foundation 

The Linux Foundation, which was established in 2000, is the top global initiative for sharing open-source code, hardware, standards, and data. Linux, Kubernetes, Node.js, and the blockchain project Hyperledger with an enterprise focus are some of the initiatives backed by the Foundation. 


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Indrani bose

CBW - External Analyst

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