Smart Legal Contracts and Oracles
The Accord Project’s open source technology enables the creation of legally binding agreements that can “come alive” through connections to external sources of data and software systems that enable digitized and automated contract management, performance, and related operations — the full automation of business transactions.
These smart legal contracts may draw in and execute data that resides on Ethereum, Hyperledger Fabric, or other distributed ledgers. Like any other source of external data, this data must accurately reflect the underlying contract-related phenomenon, such as the delivery of goods as consistent with purchase orders. External data must also be verifiable and auditable by third parties for regulatory and dispute resolution purposes.
Due to these requirements, the Project is pleased to announce that ChainLink, a leading provider of secure oracle services, will develop support for the Accord Project specification. For example, standardized Accord Project service-level-agreements for a ChainLink oracle could be enforced by a smart legal contract using performance data from the source ledger. It is intended that this is one of many such collaborations to improve the process of bringing real-world data into legal contracts.
The Accord Project operates in collaboration with IBM Blockchain, R3, the International Association for Contract and Commercial Management, IEEE, the Open Identity Exchange, and many others. The open source code is available on Github. Chainlink is a leading decentralized oracle network, enabling smart contracts to connect with the key data feeds, APIs and various payment systems they need in order to become fully functional.
As an open source, collaborative, effort, the Accord Project welcomes the contributions of any collaborators seeking to improve the integrity of how data is used in distributed systems and enterprise information technology architectures.
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