In just six months, the OpenWallet Foundation (OWF) has grown from three to 350 global organizations, including trillion-dollar companies, which intend to collaborate to create and open-source engine that “anyone can use to build interoperable, secure, and privacy-protecting digital wallets.”

As the Linux Foundation Europe prepares to launch the OWF in early 2023, it held a panel discussion at the closed-source World Economic Forum Annual Meeting in Davos. 

The hope that bringing together multiple vendors to build the engine will tackle head-on the issues of interoperability that have faced the digital identity sector for decades: “The common open source base layer of digital wallets promises to enhance interoperability between different digital wallets, ultimately avoiding lock-in to single digital wallets and serving the interests of digital wallet users and consumers,” states a Linux Foundation release.

The project also intends to tackle the issues of legal and regulatory interoperability as well as the technical challenges.