Linux will establish a Foundation to encourage the development of digital wallets

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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