However, it seems that the organization has no plans to build its own digital wallet. Its purpose is to facilitate the creation of wallets by enterprises.
The Linux Foundation, a worldwide non-profit organization that facilitates innovation within the blockchain ecosystem by providing access to open source technology, has announced its intention to establish the OpenWallet Foundation (OWF).
The OWF is a collaboration of organizations in the technological and public sectors, as well as blockchain ecosystem players, to build open-source software to promote the interoperability of digital wallets; software meant to transfer, receive, store, and monitor digital assets.
The major objective of the OWF, according to a news release released on Tuesday, Additionally, the organization said that it intends to develop best practices for digital wallet technologies.
The foundation will concentrate on developing an open-source software engine that other organizations, firms, and developers may utilize to establish their own multi-use digital wallets.
David Treat of Accenture, a member of the Foundation, remarked: CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation have joined Linux Foundation in this project.
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