In electronic design a semiconductor intellectual property core, IP core, or IP block is a reusable unit of logic, cell, or chip layout design that is the intellectual property of one party. IP cores may be licensed to another party or can be owned and used by a single party alone. The term is derived from the licensing of the patent and/or source code copyright that exist in the design. IP cores can be used as building blocks within ASIC chip designs or FPGA logic designs.