DOI: 10.4018/IJSE.2016010102 Copyright © 2016, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited. International Journal of Synthetic Emotions Volume 7 • Issue 1 • January-June 2016 An Ontology based on the Methodology Proposed by Ushold and King Neha Jain, University of Jammu, Jammu, India Lalit Sen Sharma, University of Jammu, Jammu, India ABSTRACT A number of methodologies are available in literature for ontology development but as the Ontology engineering field is relatively new, it is still unclear how the existing ontology building methodologies can be applied to develop semantic ontology models. In this work, firstly an overview of various ontology building methodologies and their limitations as compared to some standard software development methodologies are presented. Then the methodology proposed by Ushold and King is selected to build an ontology in e-banking domain. The challenge in this domain is to recognize, communicate and steadily improvise the banking solutions. The ontologies are prospective candidates to assist overcome these challenges and enhance interoperability of banking data and services. The study aims to provide direction for the application of existing ontology building methodologies in the Semantic Web Development processes of e-banking domain specific models which would enable their reusability and repeatability in other projects and strengthen the adoption of semantic technologies in the domain. KEywORdS E-Banking Domain, Ontology Methodology, Protégé, Rule Based Ontology, Semantic Web Rule Language (SWRL), Web Ontology Language (OWL) INTROdUCTION The term ‘Ontology’ has its roots in the philosophical domain. The philosophical perspective of Ontology is deeply theoretical and is mainly associated with the study of existence of entities, their relations with each other, grouping the entities, arranging them in a hierarchy, and chalking out their similarities and differences based on certain pre-determined parameters. This theoretical, age old concept has been practically applied in information science and technology in the form of Ontology Engineering. Ontology engineering is an important field of applied ontology. It can be enunciated as an application of philosophical ontology. Ontology Engineering, due to its very nature of dealing with concepts and relationships, can also be compared to conceptual modeling. Ontology engineering aims at providing a direction to solve the interoperability problems brought about by mismatches due to the semantics and the meanings of the concepts involved. An ontology is a formal, explicit specification of a shared conceptualization. Ontologies are normally related with logical inference to offer a common perceptive of a particular domain. They facilitate the domain to be connecting people, organization and application systems. In nutshell, ontologies communicated are a promising and robust tool to provide assistance to human-machine communication, to realize interoperability between software systems and to make the software systems more robust and resilient. 13