As an IP provider I would be interested in licensing also. Module Compiler combines licensing and encryption. This model makes sense to me. The file is only decrypted in memory, and only if a valid license is available. MC uses a proprietary scheme, but an open encryption scheme could be used.
Decryption is done into memory only.
The license also has the decryption key built in. The end user has to supply the license name for an encrypted file to the application. The application then checks out the license. The license server provides the decryption key to the application. But I think I've described the basic idea.