(IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.
IP is divided into two categories: Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications of source; and Copyright, which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs. Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and those of broadcasters in their radio and television programs. For an introduction to IP for non-specialists, refer to:
WIPO Intellectual Property Handbook (a comprehensive introduction to the policy, law and use of IP)
Understanding Copyright and Related Rights
Understanding Industrial Property
The innovations and creative expressions of indigenous and local communities are also IP, yet because they are “traditional” they may not be fully protected by existing IP systems. Access to, and equitable benefit-sharing in, genetic resources also raise IP questions. Normative and capacity-building programs are underway at WIPO to develop balanced and appropriate legal and practical responses to these issues.
http://www.wipo.int/about-ip/en/
it helps a lot for the ownership of a things
if people may pirate his/her property he/she can file a case against him/her
and it will protect and keep your property safe because of the intellectual property rights