6.12 Defining the Appropriate Standards or Specifications

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The OMG's CBDC WG members recommend to the Federal Reserve:

Rely on formal, accredited Standard and Specifications in developing and perfecting a U.S. based CBDC. Although it is possible to use de facto standards, these are generally tied to implementations rather than to the concepts and agreements of how to work together. This can be a form of Vendor Lock-in.Consider the Non-Functional Requirements of Portability and specifically ReplaceabilityCreate Standards and Specifications within a Standards Developing Organization (SDO) or a Voluntary Standards Consensus Body (VSCB).Using Open Source Software (OSS) to be used as a Reference Implementation(RI).Provide Reference Implementations(RIs) by using Research Development Test & Evaluation (RDT&E) process of Small Business Innovation Research (SBIR) and/or Small Business Technology Transfer (STTR) process.The following definitions are provided here as a convenience.

Standard	A Standard is a set of technical definitions and guidelines. In essence, it is a how-to instructions for designers, manufacturers, and users. Standards promote safety, reliability, productivity, and efficiency in almost every industry that relies on engineering components or equipment. Standards can run from a few paragraphs to hundreds of pages and are written by experts with knowledge and expertise in a particular field who sit on many committees.
Specification	A Specification is a document stating requirements. A specification can be related to activities (e.g. procedure document, process Specification, and test Specification), or products (e.g. product Specification, performance Specification, and drawing).