Intellectual property and Patents

Intellectual property (IP) is a useful idea with scalable application potential. It is useful because it provides a mechanism to protect a new category of properties such as computer software or chemical formulae or even algorithms.

Patent is on of the available IP forms. It is a legal means to protect a novel invention. James Watt protected his steam engine with a patent. Patent allows disclosing of a novel invention to public while retaining awarding ownership to the inventor. Disclosure help the rest of the population to harness the new invention and ownership helps inventor to "earn" reputation and wealth