The document introduces ontologies and discusses their role in the Semantic Web. It defines an ontology as an explicit specification of a conceptualization that is shared between people or software agents. Ontologies allow concepts and relationships between concepts to be formally defined so that software applications can interpret data in the same way. The document outlines different types of ontologies including upper ontologies that define common concepts across domains, and domain ontologies that define the terms and relationships within a specific knowledge domain. Formal ontology languages are also discussed as a way to represent ontologies in a machine-readable format.