Accord Project Partners with the Trusted IoT Alliance
The Accord Project has partnered with the Trusted IoT Alliance to establish techno-legal standards and open source code for the intersection between blockchain, IoT, and smart legal contracts. The partnership brings together the leading IoT and legal organizations in the blockchain space.
The opportunity to use data from IoT devices enables the physical world to be connected to legal contracts. “The old world of static, paper contracts cut off from the world within which they operate can now come to a close,” said Accord Project Co-director, Houman Shadab. “Teaming up with the Trusted IoT Alliance will lay the groundwork needed to make contracts come alive and join the modern, digital enterprise ecosystem of today — where they belong. The collaboration brings together two protocols in a manner that greatly benefits the blockchain space.”
The partnership will begin by addressing fundamental issues such as device identity and integration of device data into legal contracts. Working together ensures standardization and compatibility of approaches between the organizations that are pioneering standards and open source code for blockchain-based systems.
Zaki Manian, Executive Director of the Trusted IoT Alliance remarked: “The partnership between the Trusted IoT Alliance and the Accord Project is hugely exciting for the smart contracts space. It brings together the leading organizations behind smart legal contracts and blockchain + IoT to establish best practices and standards for using IoT data in legal contracts. This makes IoT data legally useful and enables legal contracts to connect to the physical world. Our members are very keen to contribute to these open standards and code”.
The two organizations will initially collaborate through the Open Data Standards Working Group, and will announce a series of specific initiatives shortly. Open source code primitives will be incorporated into the Accord Protocol and adopted by the members of both organizations.
About the Accord Project
The Accord Project is the leading organization for the development of standards for smart legal contracts and distributed ledger applications in the legal industry. The consortium operates in collaboration with Hyperledger, IAACM, Clio, and a number of leading trade associations, organizations, and law firms. The Project incubates the standard distributed ledger protocol for the legal industry.
The purpose of the Project is to enable lawyers, law firms, trade associations, and corporates to help establish open standards for the future of contracting; and to produce open-source code for smart legal contracts and distributed ledger usage in the legal industry.
About the Trusted IoT Alliance
The Trusted IoT Alliance is a consortium that operates to leverage blockchain infrastructure to secure and scale IoT ecosystems. Members include Bosch, Cisco, Clause, Chronicled, IOTA, Consensys, and BigchainDB. The consortium is working on a variety of use cases for distributed ledger based identities, verification, firmware updates, and many more.