The OpenWallet Foundation Launches to Promote Interoperable Digital Wallets

02/23/2023 11:11 • Metaverse & Beyond • 85 views

It is reported that the Linux Foundation (Europe), a non-profit entity committed to promoting innovation through open source code, announced the launch of the OpenWallet Foundation to support the development of open source wallets. The main task of OpenWallet is to develop a secure open source engine that anyone can use to build an interoperable digital wallet. The OWF and Linux Foundation also released a new report, stressing the importance of a more open digital wallet ecosystem, and pointing out that the total value of all digital wallet transactions in 2021 will be $15.9 trillion.

The European Linux Foundation launched the OpenWallet Foundation to support interoperable digital wallets

Interpretation of the news:

The Linux Foundation (Europe) has announced the launch of the OpenWallet Foundation, which is dedicated to supporting the development of open source wallets. The foundation aims to create a secure open source engine that anyone can use to build an interoperable digital wallet. The OWF’s mission is to promote innovation through open source code, which provides free access to software and allows for collaboration among developers around the world.

The OWF’s focus on interoperability is a critical need in today’s digital wallet ecosystem. As the use of digital wallets grows, there are increasing demands for frictionless and secure transactions across multiple platforms. Open source wallets provide the necessary framework for collaboration, innovation, and the creation of interoperable products.

Additionally, the OWF and the Linux Foundation released a report that highlights the importance of a more open digital wallet ecosystem. The report forecasts that the total value of all digital wallet transactions in 2021 will be $15.9 trillion. This represents a huge opportunity for businesses and developers to create a more open and trusted digital wallet system.

Security is also a critical issue for digital wallets, and the OWF seeks to provide a secure and transparent platform for digital wallets. Open source wallets are built on a decentralized framework, which reduces the risk of hacking, fraud, and other security breaches. The OWF’s engine will provide a secure platform for businesses, developers, and users to create and use digital wallets that are safe and secure.

In conclusion, the launch of the OpenWallet Foundation is a significant milestone in the promotion of open source wallets and the development of a more open and interoperable digital wallet ecosystem. The foundation’s focus on security, interoperability, and innovation aligns with the growing needs of businesses and consumers in the digital age.

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