Open wallet’s number one priority is interoperability
Linux Foundation is working on the idea of opening a new entity with the name Open Wallet Foundation. This will help users to create digital wallets on an open-source platform.
The idea is to create a multi-purpose and secure open-source engine that helps in building interoperable wallets. The open-source foundation is aiming to make best practices through collaboration on open-source code for digital wallets. Open-source code will be used to build secure, interoperable, and privacy-protecting wallets.
Linux Foundation is not building digital wallets in competition with Apple and Google wallets, but the idea is to create a multipurpose and secure open-source platform for users where they can build interoperable wallets which can be used for making safe payments and digital keys.
This way companies will be able to leverage open-source foundation work and will be able to build digital wallets for their own use which will increase privacy, interoperability, and security.
According to Jim Zemllin, Executive director of Linux foundation, digital wallets play an important role in digital societies. Open-source foundation will be more valuable in the coming years as the world is shifting towards digital societies.
According to David Treat, Global metaverse continuum business group and blockchain lead of Accenture, Universal Digital wallet infrastructure will help users to carry tokenized objects, money, and identity from one place to another in digital societies.
According to Pramod Varma, Chief Architect of India stack and Aadhaar, there will be verifiable credentials that will become an important part of small entities and billions of people. This way Open-source foundation work will be standardized that it is hoping to carry out.
The Linux Foundation’s goal is to introduce a new entity with an interest to collaborate by the end of 2022.
