Linux Foundation Announces Open Wallet Initiative
The Linux Foundation is setting up a new foundation. The aim is for the new OpenWallet Foundation to encourage the development of open source software to support interoperability for a wide range of wallet use cases.
The Linux Foundation is a global nonprofit organization that works to enable innovation through open source software. The foundation says the latest initiative already has strong support from leading companies across technology, public sector, and industry vertical segments, and standardization organizations.
In a press release, the Linux Foundation said that the mission of the OWF is to develop a secure, multi-purpose open source engine anyone can use to build interoperable wallets.
“The OWF aims to set best practices for digital wallet technology through collaboration on open source code for use as a starting point for anyone who strives to build interoperable, secure, and privacy-protecting wallets.”
There’s no intention for the OWF to publish a wallet itself, nor offer credentials or create any new standards. Instead, the focus will be on building an open source software engine that other organizations and companies can use to develop their own digital wallets. The wallets will support a wide variety of uses from identity to payments to digital keys. The aim is that the open source version will achieve feature parity with the best available wallets.
Daniel Goldscheider, CEO of the open banking company Yes.com, who started the initiative, 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.”
The OpenWallet Foundation was featured in a keynote presentation at Open Source Summit Europe on 14 September 2022, and the sessions are available to watch on demand.
The list of organizations who have announced support for the OpenWallet Foundation include Accenture, CVS Health, OpenID Foundation, Open Identity Exchange, Okta, Ping Identity, and Trust Over IP Foundation.
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