The International Swaps and Derivatives Association, Inc. published its initial digital representation of events and processes that happen during the life of a derivatives trade that may ultimately serve as the basis for the use of new technologies like blockchains and smart contracts. Covering interest rate and credit derivatives products, the digital representation – termed the “Common Domain Model” – is meant to “provide a standard industry blueprint for how derivatives are traded and managed across the lifecycle, and how each step in the process can be represented in an efficient, standardized fashion,” said ISDA.