Intellectual Property rights means providing property rights through patents, copyrights and trademarks. Holders of intellectual property rights have monopoly on the usage of property or items for a specified time period. The term intellectual property began to be used in the 19th Century. Only in the 20th century did it become part of the world’s legal systems.
Aspirants would find this topic very helpful in the IAS Exam.
What are the 4 types of Intellectual Property?
The 4 main types of intellectual property are listed below.
- Patents – It is used for protecting new inventions, ideas or processes. Patent holders need to pay periodic government renewal fees. An approved patent is for a limited time period.
- Copyrights – It protects the ideas, examples would be written works, music, art etc.
- Trademarks – It is something that protects the symbols, colors, phrases, sounds, design etc.
- Trade Secrets – It may be strategies, systems, formulas or other confidential information of an organization that provides them competitive advantage in the market.
Why is Intellectual Property Important?
Intellectual Property Rights is important to stimulate and promote research and development. If the inventions and ideas of individuals and organizations are not protected then the concerned people or organizations will not reap the benefits of their hard work and naturally it will lead to discontent and reduce the efforts in the field of research and development, which is extremely important for the growth and development of humanity.
What is the Main Difference between R and ™ Symbol?
The main difference between the two is given below.
- ™ refers to the unregistered trademark to promote or brand goods.
- R – within a circle refers to the registered trademark. It is used by the owner of a trademark that has been registered.
The above details would help candidates prepare for UPSC 2020.
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