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Human beings, the only creation of God, have been gifted with a very powerful thing called the brain. The mind is the only thing that makes human beings different from other living beings present in this environment. Human beings started creating their own world by the application of their intellectual mind or brain. This application of mind has been learned through necessity, civilization, and evolution. Human beings, with their creativity and intellect, have created various products as per their requirements or needs, comforts, and convenience. Mind when applied creatively can create a big change in society and this creation of the mind is called intellectual property.

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Intellectual property is commonly known as or used for intangible assets of a person or company. It is a legally recognized exclusive right of a creator to protect his creation from unauthorized use or exploitation. In the modern world, IPRs have influenced almost all the sectors of international trade as well as indigenous trade of every country. In this era of digitalization, there has been a great chance of creative ideas to be stolen easily by any third person without having any prior permission to use or exploit them.

The need for IP protection differs or varies throughout the world. Every county that depends on international trade is taking necessary steps to protect its IPRs.

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Intellectual Property Rights in Current Era: 

In this world of digitalization, intellectual property rights have a significant influence on both the national and international trade of a nation. With the growth of business and in the race to overtake each other, the risk of creative ideas being stolen is very high. 

The value of intellectual property protection differs in various parts of the world. Each nation that depends on international trade is now taking serious steps to protect its intellectual property rights. Strong IP laws have played a significant role in both the overall economy of the country and their respective state.

It is very difficult to protect an intangible asset because it cannot be locked in, fenced in, or nailed down like a tangible asset, rather these are always publicly available and can be easily copied or imitated by anyone. We can protect it only by intermingling it with intellectual property.

Intellectual Property rights have provided the innate value to all kinds of products, as a unique creation and new ideas are day by day becoming a more and more important aspect of any business; and thus illicit use of unique ideas created by others has become one of the most common crimes in these days. However, there are many businesses that still have not recognized the IP value and risks related to it, even when an IP asset helps to count the high percentage of the company’s value. Thus, it would be detrimental to the overall growth of the business if no punitive measure for IP protection had been taken. 

In answer to what is intellectual property, it is said that intellectual property is a general term used for a set of intangible assets owned by any person or company. The objective of an IP asset is to offer the same protective rights as any other physical property, because of its capability to provide companies with the same competitive advantages. In a web-based environment, it is now even more important than creating any unique design, logo, or feature is comparatively easier than ever before.

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Copyright, trademark and patent - are the three types of Intellectual Property rights.

Copyright:

Copyright secures a tangible form of expressions like music, painting, or a book, it does not shield the idea, rather it protects the copying of how the idea is expressed. 

Copyright registration is one of the most widely used IP rights permitted to the authors or creators for their original creative work including both published and unpublished work.

Patent:

A patent, on the other hand, prevents unique creations from being used and sold, by other parties for a set period. In short, one cannot produce something by using other creativity for making money. 

Trademark:

The third type of intellectual property rights is the trademark. It includes the name and identifying logo or design that a company or individual uses to make itself different from its rivals or any others. This unique design or symbol not only provides a unique identity to the company but also helps the customer to identify the products and services of a company with ease.

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There are many advantages to securing Intellectual Property Rights. Some important among them are:

Ideas on their own have little or almost no value. IP has great potential to turn our ideas into creating money and make us economically sound. Registering patients for innovation and copyright for new creation can result in a steady stream of royalty and extra revenue, which improves the overall business bottom line.

Intellectual Property plays a crucial role in creating a unique identity for the business. It helps to differentiate the goods and services of a company from the other in the market and to easily promote them.

A person can monetize the IP assets through sale, licensing, or can use them as a tool for debt financing. In addition to it, IP registration is also very useful to apply for government or public funding, loans, and subsidies. Intellectual Property also increases the competitiveness of any business in the export market. Any person or company who is an IP.

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