The Linux Foundation launches its own open source wallet solution

The Linux Foundation, a consortium made up of technology giants notably in charge of standardizing Linux, has just unveiled the Open Wallet Foundation. This new solution aims to create a collaborative platform to facilitate the creation of interoperable digital wallets.

The Linux Foundation launches into wallets

In a press release dated September 13, the Linux Foundation announced the launch of the Open Wallet Foundation (OWF), a collaborative solution aimed at promoting the creation of open source and interoperable wallets.

According to the dispatch, this new initiative has significant support, “especially from leading companies in the vertical segments of technology”. Information that makes sense, the Linux Foundation being a consortium made up of 70 members including giants such as AMD, Intel, IBM, Orange, Hitachi, Microsoft, Samsung, Twitter and Fujitsu.

Note, however, that the purpose of the Open Wallet Foundation does not will not create your own walletbut to develop an open source solution that will serve as a foundation organizations wishing to deploy their own digital wallets.

Note that these are not exclusively wallets that can be used to store cryptocurrencies, but indeed full-fledged digital wallets such as Apple Wallet, Google Wallet, Cash App or PayPal.

The project will be presented in more detail as part of Open Source Summit tomorrow, Wednesday September 14, in a conference accessible online from the dedicated event page.

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Digital wallets, soon the norm?

In a world on the verge of going all-digital, dematerialized wallets now have nothing to envy to our classic wallets. The Apple Wallet, for example, makes it possible to host driving licenses, loyalty cards, transport tickets, or even simply to settle transactions without a physical bank card.

The decision of the Linux Foundation therefore seems rather in the order of things, as confirmed by Jim Zemllinthe executive director of the organization:

“We are convinced that digital wallets will play a vital role for digital companies. Open source software is the key to interoperability and security. We are delighted to welcome the OpenWallet Foundation and excited about its potential. »

Note that the OpenWallet Foundation benefits a large number of direct supportssuch as the Open Identity Exchange (OIX), Okta, MOSIP, the OpenID Foundation or Ping Identity, to name a few.

According David Treathead of the blockchain branch at Accenture, a real paradigm shift will soon take place:

“A massive business model shift is coming, and the winning digital business will be the one that gains the trust to directly access the real data in our wallets to create much better digital experiences. »

Be that as it may, blockchain technology, which is already attracting a large number of institutional banks, could in the not so distant future carve out a niche in the digital wallet market.

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Source: Linux Foundation

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