When I first saw this Linux Foundation Announces an Intent to Form the OpenWallet Foundation article I had my doubts about an open-sourced Linux attempting something like that. Then, I decided to let ‘Sherlock‘ Tux take a closer look at it.
‘Sherlock‘ informs humble me that it isn’t actually some “open” wallet laying on the ground wid lots of money in it, and then shows me this – OpenWallet Foundation: ‘The OWF aims to set best practices for digital wallet technology through collaboration on open source code for use as a starting point for anyone who strives to build interoperable, secure and privacy-protecting wallets.‘
A digital wallet goes by many names. You might hear the same technology referred to as an electronic wallet, e-wallet, or mobile wallet.
Regardless of the name, a digital payment wallet involves making financial transactions through an application that stores your payment information.
With the help of this technology assist, you can eliminate the need to carry around a physical wallet.
OK…thanks ‘Sherlock‘! Yeah, I use some form of “digital wallet” quite often. Lots of varying names tho, and that can get confusing at time – for example:
There are also THESE: Crypto wallets ‘to store cryptocurrencies like Bitcoin or Ethereum.‘ IoT wallets that allow ‘payments from wearable devices, appliances, and even everyday objects.‘
The Linux Foundation, a global nonprofit organization enabling innovation through open source, today announced the intention to form the OpenWallet Foundation (OWF), a new collaborative effort to develop open source software to support interoperability for a wide range of wallet use cases. The initiative already benefits from strong support including leading companies across technology, public sector, and industry vertical segments, and standardization organizations.
The mission of the OWF is to develop a secure, multi-purpose open source engine anyone can use to build interoperable wallets. The OWF aims to set best practices for digital wallet technology through collaboration on open source code for use as a starting point for anyone who strives to build interoperable, secure, and privacy-protecting wallets.
The OWF does not intend to publish a wallet itself, nor offer credentials or create any new standards. The community will focus on building an open source software engine that other organizations and companies can leverage to develop their own digital wallets. The wallets will support a wide variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the best available wallets.
Too advanced for me. Banks, and other ‘Big Dogs‘ like PayPal, ApplePay, Google Pay, Amazon Pay, etc. already have their methods. We’ll see…sounds interesting tho!
LINUX IS LIKE A BOX OF CHOCOLATES – you never know what you’re gonna get!