Abstract: A system and method of licensing electronic circuit designs within target electronic circuits or devices that allows secure delivery and reliable accounting of the licensed circuit designs on a per-usage basis. The method includes determining whether an electronic circuit design is licensable for use within a target electronic circuit by verifying licensing information included in a set of predetermined vectors associated with the electronic circuit design. In the event it is determined that the electronic circuit design is licensable for use within the target electronic circuit, the set of vectors is applied to the target electronic circuit by a licensing controller. Next, in response to a predetermined event, an attribute of the licensing information is updated to indicate the licensed use of the electronic circuit design within the target circuit.