The famous theoretical physicist John Archibald Wheeler coined the term “It from Bit”. He says that ”It” — every particle, every field of force, even the space-time continuum itself — derives its function, its meaning, its very existence entirely — even if in some contexts indirectly — from the apparatus-elicited answers to yes-or-no questions, binary choices, “bits.” This concept symbolizes the idea that every item of the physical world has at bottom — a very deep bottom, in most instances — an immaterial source and explanation; that which we call reality arises in the last analysis from the posing of yes-or-no questions and the registering of equipment-evoked responses; in short, that all things physical are information-theoretic in origin and that this is a participatory universe.
Wheeler speculated that we are part of a universe that is a work in progress; we are tiny patches of the universe looking at itself — and building itself. It’s not only the future that is still undetermined but the past as well. And by peering back into time, even all the way back to the Big Bang, our present observations select one out of many possible quantum histories for the universe.
At every moment, in Wheeler’s view, the entire universe is filled with events, where the possible outcomes of countless interactions become real, where the infinite variety inherent in quantum mechanics manifests as a physical cosmos. And we see only a tiny portion of that cosmos. Wheeler suspected that most of the universe consists of huge clouds of uncertainty that have not yet interacted either with a conscious observer or even with some lump of inanimate matter. He sees the universe as a vast arena containing realms where the past is not yet fixed.
from Does the Universe Exist if We’re Not Looking?
Also check out fromquarkstoquasars article: John Wheeler’s Participatory Universe