The European branch of the Linux Foundation recently announced the formation of the OpenWallet Foundation (OWF), a collaborative effort to promote interoperability between digital wallets through open-source software. The organization aims to develop and promote the technological foundation for creating digital wallets, focusing on interoperability, security, and privacy.
Digital wallets have become increasingly popular for conducting financial transactions, as well as for storing documents. However, existing digital wallets do not work well together, and users of one wallet cannot send money to users of another wallet.
OWF aims to address this challenge by developing an “open-source engine” that enables interoperable digital wallets for various use cases, including identity storage, payments, and personal credentials such as employment and education.
The OpenWallet Foundation is not focused on developing proprietary digital wallets but on creating an open-source technology foundation that organizations and businesses can use to create their digital wallets. The technology foundation consists of engines covering use cases such as identity, payments, and digital keys, to be on par with the best available options in the industry.
The OpenWallet Foundation is the latest in a series of similar efforts launched by the Linux Foundation to promote interoperability in various industries.
The OWF’s announcement marks a significant step towards the interoperability of digital wallets, which could have significant implications for users, businesses, and organizations. As digital wallets become increasingly popular for various use cases, the ability to use them across different platforms and services could lead to increased convenience, security, and privacy.
The OWF’s focus on open-source technology could also foster innovation and collaboration in developing digital wallets, leading to better solutions for users and organizations alike.
