What is a patent?

In exchange for this temporary monopoly, usually 20 years from the filing date, the inventor must publicly disclose how the invention works. This bargain is meant to reward innovation while ensuring knowledge eventually becomes free for everyone. To be patentable, an invention generally must be new, not obvious, and useful or industrially applicable. The Venetian Patent Statute of 1474 is often cited as the first codified patent system. Today, the World Intellectual Property Organization reports that more than 3 million patent applications are filed worldwide each year, with China filing the most.