Linux Foundation (Europe) Launches OpenWallet Foundation to Advance Open Source Wallets

02/23/2023 11:11 • Blockchain Buzz • 136 views

It is reported that the Linux Foundation (Europe), a non-profit entity committed to promoting innovation through open source code, announced the launch of the OpenWallet Foundation to support the development of open source wallets. The main task of OpenWallet is to develop a secure open source engine that anyone can use to build an interoperable digital wallet. The OWF and Linux Foundation also released a new report, stressing the importance of a more open digital wallet ecosystem, and pointing out that the total value of all digital wallet transactions in 2021 will be $15.9 trillion.

The European Linux Foundation launched the OpenWallet Foundation to support interoperable digital wallets

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The Linux Foundation (Europe) recently announced the launch of the OpenWallet Foundation (OWF), a non-profit organization committed to promoting innovation through open source code. The primary objective of the OWF is to develop a secure open source engine that can be used by anyone to build interoperable digital wallets.

Digital wallets, also known as e-wallets or mobile wallets, are digital versions of traditional wallets that store payment information and facilitate transactions. They have become increasingly popular in recent years due to their convenience, security, and speed. However, the digital wallet ecosystem is still relatively fragmented, with different platforms and vendors using various technologies and standards that often hinder interoperability.

The OWF aims to address this issue by developing a universal open source engine that can help to standardize the digital wallet landscape. The engine will be designed to support a wide range of digital wallet functions, such as account creation, management, and transactions, as well as security features like authentication and encryption.

The launch of the OWF was accompanied by a report that emphasizes the importance of open source technology in advancing the digital wallet ecosystem. According to the report, the total value of all digital wallet transactions is expected to reach $15.9 trillion in 2021, underscoring the significant financial stakes involved.

The report also points out that the lack of interoperability in the digital wallet market is a major barrier to growth and adoption. The development of an open source engine could help to overcome this barrier by providing a common standard that can be adopted by vendors and users alike.

Overall, the launch of the OWF represents a significant step forward for the open source community and the digital wallet industry as a whole. By focusing on interoperability and security, the OWF is well-positioned to drive innovation and help to create a more open and inclusive digital economy.

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