What is the difference between a trade secret and a patent?

A trade secret and a patent are two different ways to protect intellectual property. A trade secret is the confidentiality of a formula, design, or process that is valuable to a business and is kept secret from the public. A trade secret is not registered with the government, is not publicly available, and is protected by the law. On the other hand, a patent is a formal document that is registered with the government and is available to the public. In South Dakota, the Trade Secrets Act of 2019 provides protection for confidential information that is used in a business. It is illegal for a person to access a trade secret without permission. The penalties can include a fine up to $10,000 and up to five years in prison. Patents, on the other hand, are part of US patent law. A patent is a way to protect an invention from being used or copied by others. A person or business can get a patent for a new invention. If a person or business gets a patent, they get the exclusive right to use, make, or sell the invention. In summary, a trade secret is confidential information that is not registered with the government and is protected by the law, while a patent is a registered document that is available to the public and gives the patent holder the exclusive right to use, make, or sell an invention.

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