Parts of this are already in hand. (01)
Mike (02)
Ron Wheeler wrote:
> OTOH, A US law that says that
> - banks and publicly traded companies can not offer or purchase a new
> financial product that is not described in terms of the US Treasury's
> ontology for Financial Instruments
> - each transaction must be properly recorded with the government using
> the same ontology and
> - each institution must report daily, its position in each instrument,
> will go a long way to getting the financial sector to adopt ontology.
>
> To encourage accuracy, the law should also insist that the ontological
> description of the instrument takes precedence over written natural
> language contracts.
>
> This would have saved $700 billion in year (2008) and may be required,
> ultimately, to restore trust between financial institutions.
>
> Right now, no one knows what anyone owns or owes and they have no way to
> evaluate what each contract, that their friend holds, means in terms of
> the friend's financial position.
> The financial instruments are too numerous and too complex to evaluate.
> There needs to be a way to evaluate the thousands or even millions of
> contracts and financial instruments in real time to decide if your
> prospective partner institution is credit worthy or one step away from
> insolvency.
>
> There is a real problem. Can the collective intelligence here, figure
> out a solution?
> It will probably take 18 months to get such a law written (another $500
> billion will be spent propping up the banks and providing direct relief
> for small banks, businesses and individuals once the lawmakers figure
> out that no amount of cash is going to tell one large institution that
> it is OK to trade with another large one), so there is time to get a
> basic ontology started if the government decides to go this route.
>
>
>
> Ron
>
> Patrick Cassidy wrote:
>
>> Don,
>> I agree that initial adoption outside of the user community created by
>> funding the initial project is likely to be slow, until some publicly
>> testable interesting applications are developed. My best guess is that some
>> degree of language understanding will the first application to pique
>> interest. When it becomes clear that ontologies are useful locally, and
>> even more useful to enable semantic interoperability, I would expect an
>> accelerating pace of adoption, helped by utilities, books on the topic,
>> university IT departments starting to teach the technique, etc.
>>
>> I don't know how long all this will take, but I do feel confident that by
>> not directly creating an FO with a wide user community, the achievement of
>> semantic interoperability will be a lot slower.
>>
>> Pat
>>
>> Patrick Cassidy
>> MICRA, Inc.
>> 908-561-3416
>> cell: 908-565-4053
>> cassidy@xxxxxxxxx
>>
>>
>>
>>
>>> -----Original Message-----
>>> From: ontolog-forum-bounces@xxxxxxxxxxxxxxxx [mailto:ontolog-forum-
>>> bounces@xxxxxxxxxxxxxxxx] On Behalf Of Conklin, Don
>>> Sent: Wednesday, February 11, 2009 3:07 PM
>>> To: [ontolog-forum]
>>> Subject: Re: [ontolog-forum] standard ontology
>>>
>>> Commercial organizations do not typically look much beyond the next
>>> fiscal quarter. The FO would have to offer immediate financial benefit
>>> to gain funding support. Aside from the various objections to the FO,
>>> even if one were to appear, its adoption would proceed at a glacial
>>> pace. This is because the legions of ontology developers don't yet
>>> exist
>>> to apply the technology to the domains the corporations work in
>>> (biomedical and certain government orgs excepted). Also, the supporting
>>> applications and products are not known or trusted by the commercial
>>> world. (Let's not quibble about some vendors that claim semantic
>>> capabilities.) No one, especially corporations, are eager to step away
>>> from millions already invested in COTS solutions that work today. The
>>> large figures of savings quoted in earlier emails boil down to much
>>> smaller figures for individual companies. Show my company how the FO
>>> will save them millions in the next two-three quarters without adverse
>>> impact and they might express interest.
>>>
>>> Don Conklin
>>> Lockheed Martin, ISGS-Defense
>>> Virginia Beach, VA
>>> 1+757-675-5947
>>>
>>> -----Original Message-----
>>> From: ontolog-forum-bounces@xxxxxxxxxxxxxxxx
>>> [mailto:ontolog-forum-bounces@xxxxxxxxxxxxxxxx] On Behalf Of Patrick
>>> Cassidy
>>> Sent: Wednesday, February 11, 2009 2:12 PM
>>> To: edbark@xxxxxxxx; '[ontolog-forum] '
>>> Subject: Re: [ontolog-forum] standard ontology
>>>
>>>
>>>
>>>> Patrick Cassidy wrote:
>>>>
>>>>
>>>>
>>>>> What do you think that people *would* use that would provide them
>>>>>
>>>>>
>>>> accurate
>>>>
>>>>
>>>>> semantic interoperability?
>>>>>
>>>>>
>>>> The ontology they developed.
>>>>
>>>> -Ed
>>>>
>>>> --
>>>> Edward J. Barkmeyer Email: edbark@xxxxxxxx
>>>>
>>>>
>>> [[PC]] If that is the case, then you are asserting that the only people
>>> who
>>> would use a FO for interoperability are those who participate in its
>>> development. I agree that that is what is true **at the present time**,
>>> and
>>> that is the reason that a user community can only be developed quickly
>>> by
>>> funding it. Over time, after publicly available applications
>>> demonstrate
>>> its utility, I would then expect it to attract users who did not
>>> participate
>>> in its development.
>>>
>>> Without funding an FO community, I expect we will get a widely used FO
>>> eventually, but only after having wasted many billions in efficiency
>>> loss,
>>> and spent even more than 30M trying less functional alternatives.
>>>
>>> Pat
>>>
>>>
>>> Patrick Cassidy
>>> MICRA, Inc.
>>> 908-561-3416
>>> cell: 908-565-4053
>>> cassidy@xxxxxxxxx
>>>
>>>
>>>
>>>
>>>
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>>
>
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> (03)
--
Mike Bennett
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