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.