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The Linux Foundation plans to launch a new collaborative initiative to support interoperability between digital wallets. It is based on open-source technology.
For the uninitiated digital wallets are software-based online services that allow people to conduct electronic transactions with other people or businesses. The most well-known wallets include PayPal, Apple Wallet, and Google Wallet. Digital wallets are becoming more than just payment options and can replace everything you may have in your physical wallet. For example, Apple allows drivers to store their driver’s licenses on their iPhones digitally.
Although different blockchains can be used in different ways, the advent of crypto opens up new use cases for digital wallets. When it becomes a reality, the metaverse will also rely heavily upon interoperability. Participants can use virtual worlds to make payments or ID.
The OWF, supported by several organizations from all industries and interest groups, is trying to make its mark against this background.
Accenture’s global digital wallet infrastructure will allow users to transfer tokenized money, identity, and other objects to any location in the digital world.
About The Linux Foundation
The Linux Foundation was founded in 2000 and had more than 1000 members. It is the largest home for open-source software, open standards, and available data collaboration.
The projects of the Linux Foudation are essential to the global infrastructure. These include Linux, Kubernetes, and Node.js. Linux Foundation’s methodology is focused on using best practices and meeting the needs of users and contributors to create sustainable models of open collaboration.
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Linux Software Foundation Project
The Linux Foundation announced the OpenWallet Foundation (OWF), an open-source collaborative engine created by Daniel Goldscheider, CEO of open banking startup Yes.com. It was developed to allow interoperability between digital wallets and assist organizations in developing their digital wallets.
The Linux Foundations hosts the initiative, which aims to achieve the goal European regulators have been striving for. This creates a “plurality” of wallets based on the same core, according to Goldscheider.
David Treat, Global Metaverse Continuum Business Group & Blockchain Lead at Accenture, stated: “Universal digital wallet infrastructure” will allow individuals and businesses to securely and inclusively collaborate in new ways.
Jim Zemlin (Executive Director of the Linux Foundation) said: “We are confident that digital wallets can play a crucial role in digital societies. Open-source software is key to security and interoperability. We are thrilled to host the OpenWallet Foundation and are excited about its potential.
Pramod Varma (Chief Architect Aadhaar & India Stack) stated, “Verifiable credentials have become an essential tool for digital empowerment for billions of people, small businesses, and individuals.” India is at the forefront of this effort and is working hard to convert all physical certificates to digitally verifiable credentials through the Digilocker system. The OWF’s efforts to build an open-source credential wallet engine that can be interoperable with other credentialing infrastructures worldwide are exciting.
Drummond Reed is the Director of Trust Services at Avast. This brand of NortonLifeLock said, “We’re on a mission to protect digital freedoms for all.” Digital freedom begins with the services used by individuals and the ability to retrieve their personal information and restore trust in digital exchanges. The core technology behind digital identity wallet technology is the foundation of excellent end-point services. We are proud to have been a founding supporter of the OpenWallet Foundation, as collaboration, interoperability, and open ecosystems are critical to the trusted digital future we envision.