Patent law promotes "innovation of technology". It inspires innovators and researchers by protecting their rights. These rights fundamentally protect innovators and their innovative inventions by imposing regulations after the registration of their patent.
It also allows the inventor to stop an external party or others from doing the same without the inventor's consent. And if an individual other than the inventor, tries to make a replica of their invention or use their invention, to sell and to market them, then those actions will be considered as infringement and is punishable under the law.
Why are patents so important? And why do we need it?
The purpose behind patent laws is to encourage an individual, company or group of people to bring more and more products/inventions as they are protected by the government authorities.
➢ The Telephone
Alexander Graham Bell invented and patented the first telephone in 1876. After that, Bell co-founded the "American Telephone and Telegraph Company (AT&T)".
It grew to control all worldwide telecommunications, becoming the most powerful in the industry around the globe. It is now a behemoth in the industry.
➢ The computer
The Electronic Numerical Integrator and Computer was the first modern computer to be awarded with a patent (ENIAC), to John Mauchly and J Presper Eckert in 1973.
However, a US court ruled that the patent was invalidated because the Atanasoff–Berry Computer (ABC), which was built in the 1940s, was developed first.
This computer, however, could not be programmed. The Apple II, designed by Steve Wozniak and patented by Apple Computers Inc in 1977, was one of the first commercially successful computers.
➢ Google PageRank is a ranking system developed by Google.
Google PageRank is another well-known example of a patent. It was created by Larry Page in 1998. It is named after his surname, 'Page'. It determines a webpage's relevance by counting the number and quality of links it has.
➢ Bluetooth technology
Despite the widespread use of mobile phones with Wi-Fi capabilities, many users still prefer Bluetooth for data transfer. Jaap Haartsen, was the inventor who invented this technology in 1994, allows connection of electronic devices within a small range using very low-power, ultra-high-frequency waves. Bluetooth is now employed for multimedia transmission and reception in practically every handheld device.
So why do we need patents because it provides a monopoly to the inventor, which gives an individual certain rights and permission to sell, to manufacture, to export, to use or offer to sell within a specific period, say 10 or 20 years.
It creates a market space for you for a specific period to use, sell, and make your innovative inventions.
"The importance of patents is recognized globally"
So, you see why we need a patent and why it's so important!
To know more about patent and its types, validity, eligibility click on the link below!!!!!
Note: This information has been taken from the list of different countries and is not intended as legal advice. This will give you a general idea about what exactly a patent is. We recommend you to consult a lawyer if you want legal advice for your particular situation.