The global nonprofit organization Linux Foundation reportedly revealed details regarding its plans to introduce the OpenWallet Foundation (OWF). 

Specifically, The OWF will reportedly operate as a collaborative attempt between firms in the technology and public sphere, together with stakeholders throughout the blockchain ecosystem, to build open-source software facilitating the interoperability of crypto wallets, software designed to send, receive, store and monitor digital assets.

Additionally, the main target of the OWF is to design a multi-purpose open source engine, where any individual possessing the technical knowledge can utilize to develop safe, secure and privacy-protected interoperable wallets. 

The foundation further disclosed its plan to form the most appropriate practices for digital wallet technology.

Instead of designing a digital wallet itself, the foundation will shift its resources towards designing an open-source software engine where other organizations, firms and developers can use to create their own multi-use digital wallets. 

“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.” Jim Zemlin, the executive director of the Linux Foundation, further remarked. 

“Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world. Massive business model change is coming, and the winning digital business will be the one that earns trust to directly access the real data in our wallets to create much better digital experiences,” Accenture’s David Treat, a member of the Foundation, additionally claimed.