- The wallets developed under the OWF banner are supposed to be flexible.
- The Foundation backs several open source projects, including Linux, Kubernetes, etc.
A new collaborative effort to produce open source software to facilitate interoperability for a broad variety of wallet use cases was launched by the Linux Foundation, and it will be called the OpenWallet Foundation (OWF).
In a press release issued on Tuesday, the Linux Foundation announced that several technology companies, including Accenture, Avast, and the Open Identity Exchange, as well as standardization organizations and representatives from the public sector, have already expressed their support for the initiative.
Great Development Opportunites
Instead of creating an individual digital wallet, the team will concentrate on creating an open-source software engine that can be used by other groups and businesses. The wallets developed under the OWF banner are supposed to be flexible enough to be used for things like verifying identities, making and receiving payments, and keeping track of digital keys.
Cryptocurrency wallets, which are more important in the modern digital economy, are another example of potential use. The OWF’s goal is to make it possible for a wide variety of applications to store and retrieve digital credentials and assets with little friction for end users. When asked about the possible applications of the OWF open source engine, Dan Whiting, Director of Media Relations and Communications at the Linux Foundation stated.
The Linux Foundation was founded in 2000, and since then it has become the most important organization for the development of open-source software, hardware, standards, and data. The Foundation backs several open source projects, including Linux, Kubernetes, Node.js, and Hyperledger, an enterprise-focused blockchain endeavor.
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