New Linux software allows companies to build their own open-source wallets

Linux Foundation, a global nonprofit organization, is planning to provide an innovative solution by establishing the OpenWallet Foundation, which will enable access to open-source technology within the blockchain industry.

The OpenWallet Foundation is created for collective use between tech companies and the public sector, as well as for the use of blockchain stakeholders. Its aim is to enable digital wallets to be developed and used within different ecosystems thanks to the open-source infrastructure it provides.

The software can monitor digital assets as well as send, receive, and store them.

According to a statement from Linux, the purpose of the OWF is to act as an open-source engine that can help anyone with technical understanding to create secure, private, and protected wallets suitable to be operated within different ecosystems.

Linux Foundation’s executive director Jim Zemlin shared:

“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”

Accenture’s David Treat, a member of the foundation, stated:

“Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world. Massive business model change is coming, and the winning digital business will be the one that earns trust to directly access the real data in our wallets to create much better digital experiences.”

Other well-known companies such as CVS Health, The Open Identity Exchange, Okta, the OpenID Foundation, Ping Identity, Polypoly, Procivis AG, Transmute, and the Trust Over IP Foundation announced that they are supporting Linux in their innovative decision.