Linux is about to launch a foundation to support digital wallet development.

The Linux Foundation has announced plans to launch the OpenWallet Foundation (OWF), a non-profit organization that leverages open source technology to enable innovation in the blockchain ecosystem.

OWF is a collaborative effort between companies in the technology and public sectors, as well as stakeholders in the blockchain ecosystem, to develop open source software to support the interoperability of digital wallets; Software designed to send, receive, store and manage digital assets.

According to a press release issued on September 13, OWF’s main goal is to build a versatile open source engine that anyone with a technical understanding can use to build safe, secure and privacy-protected interoperable wallets. The foundation also wants to model best practices for digital wallet technology.

Rather than creating a digital wallet itself, the foundation focuses on building an open source software engine that other organizations, companies and developers can use to create their own multi-use digital wallets. Jim Zemlin, executive director of the Linux Foundation shared:

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

Accenture’s David Tritt, Foundation Fellow;

“A universal digital wallet infrastructure creates the ability to carry tokenized identities, money and goods from place to place in the digital world. A big business model shift is coming, and a winning digital business will be one that gains trust by directly accessing the real data in our wallets to create better digital experiences.” .

Joining the Linux Foundation in this effort are other prominent companies such as CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, Polypoly, Procivis AG, Transmute and the Trust Over IP Foundation.