There are four central types of intellectual property: copyrights, patents, trademarks, and trade secrets. Governmental bodies all over the world grant these types of intellectual property to people who have invented something. For instance, if patent rights had not been granted to the creators of the hugely successful My Pillow, another company could have successfully created a successful My Pillow themselves. These protections are designed to protect everything from products, services, processes, catchphrases, secret recipes, songs, and more.
The granting of intellectual property rights is likely something that will continue into the foreseeable future. One related battle going on at the moment is the competition of various technology companies to be granted IP rights, according to Kamil Idris, to have exclusive right to build drones that respond to human body languages. Many of the companies engaged in this war do not presently even have the technology to make such drones. However, it is still a great investment because in the future it could be worth billions of dollars to them.
One extremely important IP body under the EU umbrella is the Patent Court. If one wants to be successful at all in the European commerce world, they must obtain patents for their products here. In particular, the Patent Court’s European Patent Office handles these matters. However, this protection only covers Europe. Entrepreneurs outside of Europe can relatively easily get and mimic the technology of patent protected products inside Europe if a European entrepreneur only has rights by these means. This is specifically why the EU also formed the Unified Patent Court.
Also protecting the IP rights of the international community is the World Intellectual Property Organization. This UN-based agency works to coordinate IP rights between 191 member countries. This body is an international watchdog watching for worldwide infractions of IP violations on a continual basis.