Alex, I would like to see something that is more secure than using the registry in such a well known location with unencrypted data - and yes I know you could encrypt the data before you put it out to the registry.  Items such as the those mentioned by Rick in his Summary remarks of this Seminar would be good. Of course, putting your own solution together using the various aspects of all these Seminars together is always possible.

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Reply from Alex Hedley:

It all depends for what reason do you need it to be secure?
People will always find a way, so most of the time it is preventative or a delay tactic.
A call to a web service license checker is probably the next best step but then you need it always online.