Linux Foundation announced plans for a new joint initiative designed to support interoperability between digital wallets, built on an open source foundation.
A new initiative called the OpenWallet Foundation (OWF) Daniel GoldscheiderCEO of an open banking startup Yes.comHowever, today’s announcement reveals broad buy-ins from multiple industry players including Okta, Ping Identity, Accenture, CVS Health, OpenID Foundation, and several other public and private entities. With the Linux Foundation acting as host for the project, OWF has considerable clout as it strives to achieve what Goldscheider calls “multiple wallets based on a common core.” Go to press release.
The news also comes as regulatory bodies around the world move to support competition. Enhanced interoperability between systemsincluding Europe I’m currently trying to achieve messaging interoperability case.
Evolution of digital wallets
Digital wallets for beginners are typically software-based online services that allow people to carry out electronic transactions with other people and businesses. Some of today’s most popular wallets include PayPal, Apple Wallet, Google Wallet, Venmo and Cash App. But digital wallets are slowly morphing beyond payments, emerging as a potential alternative to everything we keep in physical wallets. For example, Apple Drivers can now store licenses in digital format on their iPhone.
of Emergence of cryptography and blockchain We are also pioneering new use cases for digital wallets, but not currently during the metaverse (anytime become real)and Heavy reliance on interoperability and open standards So participants can make payments and identify themselves throughout the virtual world.
David Treat, lead Metaverse and Blockchain project at Accenture, said: “There is a massive business model shift taking place and the winning digital businesses will be those that gain trust by accessing the actual data in their wallets directly to create better digital experiences. .”
OWF is building its reputation with plans to support a myriad of use cases across identity, payments, digital keys, and more. Just as e-mail and SMS are interoperable (you can send messages to other users even if they have different service providers), OWF is what it calls a “secure multi-purpose open source engine” that anyone can use. We are developing. Used to build a digital wallet that works well with other digital wallets. The “plurality,” as Goldscheider puts it, gives us a clue as to what the real intention here is — it doesn’t necessarily create the single largest digital wallet provider, and the likes of Apple and Google. I’m not trying to knock things off their pedestals. Many new providers that collectively have the potential to outperform the giants in this field. In fact, OWF’s stated goal is to ultimately achieve “feature parity with the best wallets available.”
OWF does not intend to develop a digital wallet per se or create a new standard. It is about facilitating a joint community effort to develop an open foundation for organizations to create their own digital wallets.
Jim Zemllin, Executive Director of The Linux Foundation, said: “Open software is the key to interoperability and security.”