How to bind an app to a certain device?

I would like to license my app for use on a single device only. How can I achieve it?

I can imagine a process like this:

  • create a hash key running small app on the target device which will create a unique key
  • encrypt the app with this key
  • create a loader which will generate same key if ran on the original device and unencrypt the app and launch it.

is it plausible solution? is there other ways to do it? is there a commercial software which already does it?

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