Intellectual property is the creation of a thought, an invention or a unique design that has been created by someone and that the law prevents others from copying such a view, invention or design. Intellectual property is the property that is intangible in nature. It is just an idea that has got legal recognition so that others may not use it.
Due to the establishment of intellectual property law, it encourages to bring more and more ideas. If the bill were not there, then anyone could easily copy one’s opinion, and the one who originally invented the idea feels no motive to bring new ideas anymore.
The four types of Intellectual Property are:
Patents are one of the most important forms of intellectual property. This form of the intellectual property gives exclusive rights to the owner of the invention regarding ownership. No other person can use that invention for any matter like selling or importing. It is related to inventions only. A patent is usually valid for twenty years.
A trademark is a design, symbol or expression that gives identification to a product of its source. It is a special symbol, design or name that a company uses to separate its products from the products of other companies. It helps both the producers and consumers. The consumers get to know the source of the product, and if they are satisfied with the product, then they can purchase more of the same product when they know its origin. It also helps the producers to separate their product from others and build goodwill. Trademarks, in simple words, can be said as logos which are stamped on the company’s products to maintain their authenticity.
A trade secret is valuable information that is not publicly known as the owner has kept it confidential. Though the trade secrets are not registered by any government body, if someone tries to steal the information from the owner, the owner can file a case against him. Business plans, sales strategies, ingredients, etc. are some of the information which is generally kept as a trade secret. The recipe of ‘Coca Cola’ and ‘KFC’ are the commonly said examples of trade secrets.
It is another important form of intellectual property. If a person gets a copyright on his work, then no other person can use the work for selling, earning a profit or any other purpose without the permission of the owner of the copyright. It is generally given on original work which is tangible and mainly concentrates on written works like literary works, etc. Violation of copyright shall invite legal actions. The infringement of copyrights comes under civil law.
In a nutshell, all four types are established to maintain the authenticity of the original ideas, invention or works. Violation of any of these is strictly prohibited and shall invite legal actions against the wrongdoer.