Share these talks and lectures with your colleaguesInvite colleagues
Blockchain, artificial intelligence and knowledge graphs: What does it mean for the business?
In this paper, we look at a number of new technologies that are making their way through the well-known ‘hype cycle’, along with a cold hard look at the hype cycle itself. The items explored include blockchain and artificial intelligence, with a detailed look at various manifestations of these. We learn to think of each new thing not in terms of the claims or even the vocabulary of its proponents, but through the lens of something called ‘ontology’. We explain what ontology is in the simplest sense of the word, this being a formal representation of real things. We consider how to use this as a governance framework with the organisation, including its application to business strategy. In a curious twist, we find that there is also a technology related to ontology that is making its own way up the hype curve, with promising applications for finding out things that are hidden in data. Of course, this is also called ‘ontology’. Finally, we pull this together to set out some points of departure for readers to think about how to manage meaning across the organisation and how to thereby understand and manage these and other new technologies as they come along.
The full article is available to institutions that have subscribed to the journal.
Mike Bennett is the director of Hypercube Limited, a company that helps people manage their information assets using formal semantics. Mike is the originator of the Financial Industry Business Ontology (FIBO) from the Enterprise Data Management (EDM) Council, a formal ontology for financial industry concepts and definitions. Mike provides mentoring and training in the application of formal semantics to business problems and strategy and is retained as Standards Liaison for the EDM Council and the IOTA Foundation, a novel blockchain-like ecosystem. He has over 20 years of financial industry experience with investment management software, messaging standards, testing and project management. Mike has worked on a number of financial industry standards, including the Market Data Definition Language (MDDL), Financial Information Exchange (FIX) and others, has sat on the International Organization for Standardization (ISO) committees for the ISO 20022 messaging and securities terms and currently sits on an ISO committee for ISO 20022 formal semantics.