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Open Source technology can be defined as Computer Software for which the human-readable source code is made available under a copyright License (or arrangement such as the Public Domain). It is a development methodology which offers practical accessibility to a product's source (goods and knowledge). This permits users to use, change, and improve the software, and to redistribute it in modified or unmodified form. Simply put it is free authenticated code.

A lot of open source solutions, from a basic code library to full-blown applications that are Java-based, are being developed in industries. The main aim of open source in relation with various other technologies will only help accelerating the industry as whole. Consider any large ubiquitous system, there’s always at least some component of it or toolset that is free in some sense or other.

Key Benefits of Open Source:
   Auditability / Transparency and Security.
   Quality and Customizability.
   Flexibility and Interoperability.

Auditability / Transparency and Security :
This is a rarely-understood benefit of Open Source software. By publishing the source code, authors/developers make it possible for users to inspect their claims regarding the performance of the software.
And this opportunity also enables users to identify and fix problems with the code (Bugs) leading to better Security.

Quality and Customizability :
Just as there are countless developers and users working to improve the security of open source software, so are there just as many innovating new features and enhancements to those products.
Similarly, business users can take a piece of open source software and customize it to suit their needs. Since the code is open, it's simply a matter of modifying it to add the functionality they want.

Flexibility and Interoperability :
Open source software is less resource-intensive, which means that, it can run well even on older hardware. And a consumer has the flexibility to decide whether to update and when to update the software.