Fourth Industrial Revolution and Importance of Intellectual Property Rights
The world has passed through three industrial revolutions till now. The first industrial revolution was related to steam engine, textile production, and coal industry. The second industrial revolution was revolved around identifying new sources of generating energies, development of combustion engine, automobile, plane industry, fertilizer, and manufacturing of synthetic cloths. The third industrial revolution was mainly surrounded by nuclear energy, computer, and automation of manufacturing processes. Currently, we are fortunate to witness a technological revolution, which is fourth industrial revolution (also known as I4.0) which is going to change the way we work and live our life. The fourth industrial revolution speed, scope, scale and involvement of digitalization of the system, this is very much different which never experienced by the humankind before.
There are mainly concepts that are defines Industry 4.0 at its core. Each concept is important in nature but, when clubbed together, which can create capability that has never imagine before. The main concepts or terms are “Big data”, “Artificial Intelligence”, “Machine Learning”, “Cyber Physical Systems”, “Internet of Things (IoT)”, “Block-chain”, and “Automation or Smart Manufacturing or Delivery Systems”. Mainly “digital transformation” in the industry and general in the society is core of the businesses. Companies or the new entrepreneurs who are creating, working and implementing quickly “disruptive innovations” are going to stay ahead of the competition. Protecting of the innovative ideas is also going to be very crucial steps for the innovators or creators of the idea. The solution for any of the companies, innovators, entrepreneurs or creators is to be aware of, learn, and to use the several types of intellectual property rights (IPRs), such as trademarks, copyrights, patents, designs, and trade secrets. The one who uses right type of intellectual property rights for protecting their own tangible properties will stay ahead in the competition and will also help them to make more money in the market. The patent filing data in the various latest technological categories indicates that how the intellectual property is going to play an importance role. For example, in the field of “Internet of Things (IoTs) every year more than 3000 patent filings is happening and further, number of new entrants are also on the rising side. DeepMind is a London based artificial intelligence (AI) Research Company, widely recognized as being at the forefront of the field. DeepMind has filed 15 patent applications in last quarter of 2016. In the category of “Machine Learning”, couple of hundred patent applications is published and getting issued/granted every month.
In general, the patent filing number indicates that annually more than three million patent applications are filed worldwide (with growth rate of around 7-8% annual). Further, the number of trademark filings across the world is annually around seven million with annual growth rate of around 10-11%.
As expert in the field suggests that the Fourth Industrial Revolution is evolving at an exponential rather than a linear pace. Moreover, it is disrupting almost every industry globally. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance.
In conclusion, businesses which stay out of I4.0 are likely to be stay behind and be less competitive. Furthermore, it is argued that as the benefits begin to be realized across all industries and all sectors, businesses will quickly embark in their digital transformation and business leaders and IP practitioners’ assistance will help them to stay ahead in the competition in the face of I4.0. Acquisition and management of intellectual property is the MOST important criteria in the face of Fourth industrial revolution.