Web economics Economy after the Web: knowledge and networks

Weaving the economic Linked Open Data

Michalis Vafopoulos and Marios Meimarisvafopoulos.orgSMAP2012

Multimedia Technology Laboratory, School of ECE, NTUAmedialab.ntua.grEconomy after the WebNew form of propertyPublic, Private, Peer (e.g. Wikipedia)The right to: Use-modify-benefit-transfer resources

Energetic & connected consumptionPro-sumption 22Research question Web economy: from potential to actual

Enable new virtuous cycles in the economy through Linked Open Data

33Outline EU Unification: institutions-technology Why Linked Open Data? Economic LODthe story so farhow to startuse casesengineeringGovernment BudgetTenders SpendingBusiness Information Next steps

44EU Unification: the institutions Best in theory poor in practicea (complicated) market examplemonetary policy, currency, eurozone European Single Market fiscal policy FORTHCOMING

55EU Unification: the technology Linked Data or Web of datapublish once, use many times. different consumers extract different slices of the data for different purposespublish in context: value & meaning

66EU Unification: the technology Linked Data (LD) + Open Data =LODEconomic LOD as data currency

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7Why LOD?Transparency & innovation

Network effects: enabling users to bidirectional & massively processable interconnections among data re-using the existing infrastructure in the government and business spheres 88Economic LOD: the story so farIsolated/fragmented behind technological & institutional barriersGeneral statistics: Eurostat etc. LOD2 case LOTTED (Linked Open Tenders Electronic Daily)9

9Economic LOD: how to start A general model

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10Economic LOD: use casesBusiness applications on topUsers: citizens, gov., EU, businesstrack the life-cycle of every financial flow: evaluate budget allocation, tenders, spending and their efficiencypre-allocate resources on provisional public works receive & submit information in real-time1111Economic LOD: engineering12

12Government Budgetheterogeneous repositories & methods (mainly PDF) 13

13Tenders Closed data in HTMLPublic Contracts Ontology (PCO), e.g. pco:Contract and pco:AwardCriterion Common Procurement Vocubularynow working on linking our ontology to:Payments Ontology GoodRelations FOAF 1414Spending most dynamic & open partincreasing number of countries/citiesraw & structured dataleader: the Greek Clarity projectspending decisions ex-ante to executionActually every decision 15

15www.publicspending.gr (*****)based on Greek Clarity & Tax informationsemantify, interconnect, clean, visualize, SPARQL endpoint, daily updatePSGR ontology Links toWESO products classif. UK Payments OntologyDBpedia and Geonamesmore to come 16

16Business Information Registries: mainly closedKey standardsClassification of Products by Activity (CPA)eXtensible Business Reporting Language (XBRL)17

17Business Information 18

18Next stepsWorking on our basic ontologyReal-life examples & appsBad news: A long way to goGood news: we have started 1919Thank you!More in vafopoulos.org

ReferencesWeaving the Economic Linked Open DataThe Web Economy: Goods, Users, Models, and PoliciesPublic Spending: Interconnecting and Visualizing Greek Public Expenditure Following Linked Open Data DirectivesA Framework for Linked Data Business Models2020appendix2121www.publicspending.gr (*****)22

22Ontological ComponentType

Budget Concept

Budget document Concept

Budget status (approval, closure, formulation, execution) Concept

Expense item Concept

Revenue item Concept

Publishing authorityRelation (FOAF, DBpedia etc.)

Source of financeRelation (FOAF, CBV etc.)

Revenue/Expense item classificationRelation (CPV, NAICS etc.)

Amendment hist./Budget versioning Relation (link to other budget items)

on-functional metadata Relations (via Dublin Core)

Sub-domainOntology/Ontologies

Budget Novel ontology

Tenders Public Contracts Ontology New elements in context-specific cases

Spending UKPayments & Publicspending.gr Ontol.

Business Registries Core Business Vocabulary

Financial Statements XBRL taxonomy

Agents FOAF, Vcard

Activity Classifications Product DescriptionsMOLDEAS ontology and mappingsGood Relations ontology