Cisco Traditional Vs Smart Licensing

Below are few important distance between Cisco traditional license and new smart licensing.

Traditional (node locked) licencing	Smart (dynamic) licencing
Manual individual license procurement and installation	Device initiates a call home and requests the licenses it needs.
Node-locked licences - license is associated with a specific device.	Pooled licences - licences are company account-specific, and can be used with any compatible device in your company. You can activate or deactivate different types of licenses on the device without actually installing a license file on the device.
No common install base location to view licenses purchased or software usage trends	Licenses are stored securely on Cisco servers accessible all the time.
No easy means to transfer licenses from one device to another.	Licenses can be moved between product instances without a license transfer. This greatly simplifies the reassignment of a software license as part of the Return Material Authorization (RMA) process.
Limited visibility into all software licenses being used in the network. Licenses are tracked only on per node basis.	Complete view of all Smart Software Licenses used in the network using a consolidated usage report of software licenses and devices in one easy-to-use portal.