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1. IP (Internet Protocol): A digital data standard over Ethernet. 2. IP (Ingress Protection): A rating of an electrical device, such as a lighting fixture, regarding protection from foreign objects or water. 3. IP (Intellectual Property): Refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. Intellectual Property is protected in law by, for example, patents, copyright and trademarks, etc..