Crypto

ZD Tech: OpenWallet when Linux Foundation steals cryptocurrency

Hello everyone and welcome to ZD Tech, ZDNet’s daily editorial podcast. My name is Guillaume Serries and today I will explain to you why the Linux Foundation prides itself on cryptography and interoperability.

The Linux Foundation, the guarantor of the proper functioning of the open source operating system, has just announced a little surprise called “OWF” from the “OpenWallet Foundation”. This project aims to promote the interoperability of digital wallets, well-known wallets that are used to store digital currencies such as bitcoin and ether, for example.

But “digital wallets” in the industry also refer to software-based online services that enable electronic transactions with other people and businesses.

PayPal, Apple Wallet or Google Wallet are some of the most popular

In this area, PayPal, Apple Wallet or Google Wallet are among the most popular. These tools allow not only to pay, but also to store documents of any kind. Apple, for example, now allows drivers to digitally store their driver’s license on their iPhone.

This commitment to interoperability comes from Daniel Goldscheider, CEO of open banking startup Yes.com. And this initiative has just brought together several industry players, not least Okta, Accenture or the OpenID Foundation.

The stated goal of the OpenWallet Foundation is to make it possible, and I quote, “multiple wallets based on a common core.”

The interoperability of computer systems has always been a constant topic in the digital world.

In the same way that email and SMS interact, OWF aims to develop what it calls a “secure and versatile open source engine” that anyone can use to create digital wallets that work well with other devices.

The issue of interoperability of computer systems has always been a constant topic in the digital world. But in recent years, interoperability has also become the subject of regulation. Regulators around the world are increasingly looking at interoperability as a way to support competition and fight de facto monopolies.

As part of the new European text of the Digital Markets Act, the European Union wants to make WhatsApp, iMessage and other Facebook messengers work with smaller messaging services, for example, according to the DMA.

It’s hard to see how Apple or Google would welcome this initiative.

But back to the topic. “The universal digital wallet infrastructure will enable the transfer of identities, money and tokenized objects from one place to another in the digital world,” said David Treat, metaverse and blockchain project leader at Accenture. And prophesy a massive business model change due to this technological shift.

However, the worst enemies of this initiative are obviously the tech giants who already have a very significant market share in the digital wallet sector and are not interested in opening their doors.

It’s hard to see how Apple or Google would welcome this initiative.

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