According to WIPO (World Intellectual Property), Intellectual Property is related to the creation, inventions, some authentic work, any artistic work, pictures, names, literary and even some design which can be used for any business purpose.
It is important not to be confused with physical property, as these both terms may sound similar but they are different. In physical property, the property is in the physical state and it could be tangible whereas intellectual property is intangible that is, not physical in nature. Some example of physical properties are Building, House, Restaurants, Hotels, etc whereas, some example of Intellectual Properties are video on YouTube, Music Album, Research Paper, movies, etc. Just like laws on the physical property, Intellectual Property can also be bought, rented, sold and infringed upon by the others. They are even sold with Trademarks and copyrights so that they could work in an authentic and genuine way.
What is Intellectual Property Rights ?
According to the Article 27 in Universal Declaration of Human Rights, Intellectual Properties are subjected for Right to Benefit from the protection of moral and material interest and to any authorship of scientific, literary or any artistic productions. In other words, it allows the creator or owner, to do trademark, patent or benefit to their own creation or production. With these rights, no one can copy or use your work without your permission. This also creates various job opportunities like patent roles and by making genuine trademark, others can also trust your brand and your work. Good workflow and economic is maintained between two parties. Hence, it is necessary.
The main purpose of Intellectual Property is to enable people to create a wide variety of intellectual goods that could be useful for consumers. And to achieve this, this law gives them the power for rights to information and intellectual goods they create, which is limited for a period of time. The economic earned from this could help in growing the economic condition of the country and its people. Even by giving patent or copyright, both can mutually earn.