The world wide movement towards transparency and rapid adoption of open source technology has spurred the development of open source data standards to support the widespread adoption of technology to achieve a wide variety of private and public goals. A wide variety of data standards and markup languages currently exist in different domains, including general purpose standards such as XML, standards for business such as the Electronic Data Interchange or GS1 for supply chain, and a wide variety for financial services that include legal entity identifiers and product-specific identifiers.
The purpose of the Accord Open Data Standards Working Group is to produce data standards and open source tools to incorporate data in smart legal contracts in a way that is suitable for a wide variety of market participants in different industries and for different purposes. The focus of the group is on general, market wide standards but initial use cases will focus on supply chain, finance, and implementation with distributed ledgers.
A key outcome will be techno-legal standards for the incorporation of external data into legal contracts as is relevant to their terms and conditions and execution, using various formats and networks including distributed-ledger related “oracles.”
The Accord Open Data Standards Working Group also seeks to incorporate the growing body of work related to digital identity into smart legal contracts, which require the identity of persons, places, and things to be authentic and qualified to function properly and deliver new types of value. Digital identity is increasingly taking the form of data and operational standards that are distributed and in the control of identity owners (self-sovereign identity). Likewise a goal of the Working group is to develop trust framework rules and practices and an approach to verifiable claims for smart legal contracts.