Real-Time Clock and Calendar (RTCC)
BoxLambda uses I2C to interface with a Real-Time Clock and Calendar PMOD from Digilent. This PMOD is powered by Microchip's MCP79410. It includes a coin cell battery backup so time and date can be maintained even while BoxLambda is switched off.
The MCP79410 datasheet: http://ww1.microchip.com/downloads/en/DeviceDoc/22266d.pdf
Clock Drift
The MCP79410 uses a low-cost 32.768 kHz crystal. Typically, these crystals are not very accurate. Over time, the clock will drift relative to the wall clock. However, Digilent's RTCC PMOD uses a CMR200T_E crystal with a reasonably good frequency tolerance of ±10ppm.

CMR200T E crystal.
http://cfd.citizen.co.jp/cms/cfd/pdf/english/CMR200T_E.pdf
A 10 ppm frequency error would result in 5 minutes of clock drift per year:
For BoxLambda's purposes, that's good enough. Additionally, the MCP79410 provides a digital timing compensation feature, so accuracy can be further improved if needed.