Intellectual property are the creations of the mind; for instance, inventions, symbols, artistic works and names used in business. There are different laws that protect intellectual property (IP); copyright, patents, trademarks, industrial designs and trade secrets. Copyright describes the rights issued to creators over their artistic and literary works. Copyright is voluntary however it allows the holder to bring an infringement lawsuit against an individual who allegedly violated the copyright (WashULaw, 2021). Trademarks helps providers distinguish their products and services from another. It also protects logos, names, phrases and slogans. Patents like copyrights covers a wide array of inventions for instance, industrial designs, plants, software and surgical procedures. The common differences between these intellectual property laws is that copyright protection created in 1978 or after last throughout the authors life plus an additional seventy years while trademarks lasts for ten years. The similarity is that any individual who violates the intellectual property rights can be held accountable by the law.
There some concerns that exist in regards to protecting the intellectual property. The first concern is in regards to software. With technology advancement there are always new features that are added to different software. When a software is protected with an intellectual property it becomes difficult for other tech people to do any modification or updates on the given software.
The future concerns that I anticipate could be a problem for intellectual property is proving that the creating belongs to you. With advancement in technology it has become more easier for individuals to copy other people creations without getting traced. Those who have resources take other peoples ides and copyright them as their own. Such issues will discourage young entrepreneurs from been innovative as they are afraid established entrepreneurs will steal their work. Therefore, the government should put policies in place that protect every creator despite their financial status.