FIBO standardizes the language of financial contracts and promotes unambiguous shared meanin g among all participants in the financial industry. The &ldq uo;golden source” of FIBO’s unambiguous semantics is curre ntly FIBO OWL, with automated translations into SKOS and UML. However, RDFS and OWL semantics use something called "open world assumption&rd quo; (OWA). Simply put, OWA means that, for example, while a contract may b e described in FIBO as an agreement between at least two parties, data abou t a contract with only one party would not be considered invalid. OWA stron gly aligns with the inherently open-ended nature of the web. As a resu lt, OWA prevents us from identifying data errors. This limitation (as well as certain other fundamental design principles of OWL) limits the ;potential of FIBO OWL for data validation and for ensuring data consistenc y and interoperability.
\nThe new modeling language from W3C ca lled SHACL (Shapes and Constraints Language), unlike RDFS and OWL, use s “closed world assumption.” This means that under SH ACL’s semantics, a contract with only one known party will be identif ied as incomplete. SHACL also goes beyond OWL by implementing support for b usiness rules with practically unlimited expressivity that, in many cases, is needed by FIBO. In fact, FIBO requirements were used as key inputs to SH ACL design. Automated translation of FIBO OWL to SHACL is possible and has been implemented.
\nIn this talk, we will:
\n\n Demonstrate FIBO in SHACL\n Show how FIBO SHACL can be used for data validation\n Show how SHACL can be used to auto-connect data sources to shared financial concepts\n Discuss how SHACL Rules could be used to enrich FIBO with additional machin e processable semantics\n\n DTSTART:20180425T120000 SUMMARY:FIBO in SHACL: The Next Step in Data Validation and Interoperabilit y DTEND:20180425T125959 LOCATION: See Description END:VEVENT END:VCALENDAR