ExploitingWeb Service Semantics: Taxonomies vs. Ontologies
  Comprehensive semantic descriptions of Web services are essential to exploit them in their full potential, that is, discovering them dynamically, and enabling automated service negotiation, composition and monitoring. The semantic mechanisms currently available in service registries which are based on taxonomies fail to provide the means to achieve this. Although the terms taxonomy and ontology are sometimes used interchangably there is a critical difference. A taxonomy indicates only class/subclass relationship whereas an ontology describes a domain completely. The essential mechanisms that ontology languages provide include their formal specification (which allows them to be queried) and their ability to define properties of classes. Through properties very accurate descriptions of services can be defined and services can be related to other services or resources. In this paper, we discuss the advantages of describing service semantics through ontology languages and describe how to relate the semantics defined with the services advertised in service registries like UDDI and ebXML. 
Asuman Dogac, Gokce Laleci, Yildiray Kabak, Ibrahim Cingil