Open source software applications or platforms include source code that is easily accessible and can be edited or improved by anybody. It enables users to repair broken links, update the design, or improve the original code. Open source software hubs such as GitHub demonstrate open cooperation, which can widen design viewpoints beyond those of a single organization or design work group. Open source techniques can result in significant savings for consumers because many offerings are supplied for free, based on a shareware or donation model rather than a sales price.

Open source software exemplifies the “It takes a village to raise a child” principle, as diverse minds and talents are required for various aspects of a software product’s functionality. Platforms designed and built through user involvement can perform better and have fewer defects than those created by a single entity. Open source projects such as Mozilla Firefox, Linux, WordPress, Bitcoin, and Android are used as educational tools by technology students who study and learn from the code.

Open source licenses differ from proprietary software, which can be costly to purchase and requires users to adhere to restrictions established by the original inventor. The benefits of open source include speedier fixes and upgrades, shorter wait times for improvements, and improved collaboration in fintech areas such as big data, blockchain technology, and cloud computing.

The disadvantages of open source software include potential security threats caused by malicious individuals’ access to it, as well as the likelihood of unreliable, ineffective, and potentially unusable applications if not updated or improved. Open source software applications developed because their founders believed it was vital and beneficial to make their code available to everyone.