P protection grants exclusive rights creator of IP. If any one else uses the IP without prior permission, immediate legal action can be taken to refrain the guilty from doing so. IP can be sold like a personal property but once it is sold one cannot use the same without the prior license of the new owner. Similarly, the owner can allow others to use his IP, by licensing out the rights to those people. Rewards for creativity and originality and enforcement of associated rights against the violator are the benefits of the holder of IP.
