Technological advancement in modern society has changed the way business is conducted across the world. For instance, the Internet has aided in the growth of businesses as it provides traders with easy access to markets and relevant information, which are critical elements in the growth of any business. However, although the Internet has led to business growth, some issues have been raised concerning domain names, which act as business identifiers.
The domain name makes it possible to locate a business name on the web, and thus without it, the computer cannot locate the right web page. Unfortunately, some companies have resorted to exploitation, as there is no central authority governing Internet usage. The Internet domain name has been a problem to those trying to protect their intellectual property as some people use other businesses’ trademarks as their domain names with the aim of misleading or siphoning money from unsuspecting clients. According to the law, this practice amounts to trademark infringement, and the company that uses the trademark of another may be required to pay for damages.
Apart from trademark infringement, technology has also affected other intellectual ownership laws such as copyright, which grants exclusive rights to the creator of the original work. To the disadvantage of the copyright owners, technology has made it possible for music and movies to be distributed online without the producers’ consent. This aspect means that people across the world can make unlimited copies of the music and movies at no charge to the disadvantage of the original owners. The business contacted online is also not secure, as some clients have had their bank accounts hacked, thus resulting in loss of money to fake companies that use the trademarks of other companies as their domain name. This scenario has prompted the need to pass numerous laws to ensure that digital technologies do not undermine exclusive rights of intellectual ownership. However, as technologies and markets evolve rapidly, people will continue to lose their money in the future, as copyright and related rights will still hamper business transactions online.