Daniel Goldscheider, Founder of the Open Wallet Foundation speaks to Identityweek.net ahead of his panel discussion on identity and digital wallets at Identity Week Europe. He acknowledges that technology innovation has entered a new state of play with the combination of crypto, bitcoin and our valuable digital credentials with wallets.
The foundation is extremely valuable in the field and focuses on the development of open standards to underpin the variety of commercial wallets solutions available from vendors like Google and Apple.
The interview discusses the pros and cons of competition within the wallet market as the largest technology vendors capitalise on the new revenue opportunity. Our Editor, Evie Kim Sing, asks whether so many different wallets contributes to innovation or is detrimental to interoperability and compliance with open standards.
The fragmentation of their design and development impacts the security of wallets while customers are being encouraged to store all their digital, identity and payments credentials in one place. Daniel gives his take on how the security design of these wallets will be navigated by vendors as a challenge to adoption.
Asked whether every sector is taking a stake in the wallets, he said:
“Some people in the (identity) industry think wallets are about digital identity. People in the credit card world would say digital identity wallets are important because they hold tokenised credit and debit cards. The wallets are all of these use cases and so much more – holding everything from academic to healthcare credentials, digital keys to cryptocurrencies”.
The interview covers:
- What is the role of associations/foundations in the field? How has the Open Wallet Foundation evolved and what is the added value in participating?
- How have ISO versus open standards evolved?
- Do sectors like finance or government need to take a bigger stake in identity wallets, with payment or digital credentials?
- Do you think the competition of different wallets is beneficial for innovation or is detrimental to interoperability?
- What is the current standard of security in wallets? How can they be made more secure?
Daniel will be speaking more on the theme of verification for wallets on Day 2 at Identity Week Europe 2023, which will take place at the RAI, Amsterdam from 13-14 June.