Using the key-pair, Blender Publisher can encrypt the data in a Blender file. This then can only be decrypted by the original owner, or by the 3D Plug-in and stand-alone player (which do not have editing or file-saving included). Encryption and decryption is done with a system based on public and private key pair technology. It is a proven technology which is widely accepted for secure internet transport.
Since it does not make sense to lock Blender files that cannot be opened again, the fact that a Blender Plug-in or stand-alone Player can read a locked file is an obvious security hole. So instead of hacking the encryption system, which is very difficult, a hacker could retrieve pieces of information from memory instead. This is the common hacking approach, and will usually only result in fragmented data recovery or corrupt files.
All licenses included with NaN software do not allow reverse engineering of the code. It's simply illegal, and will refine distribution of Blender file crackers to the illegal circuit. NaN will do anything that is in its legal and technical scope to prevent or to solve abuse of the Publisher locking system. Our Publisher support system will keep track of that.
However, NaN can not take any liability or give guarantees that information contained in a locked Blender file can not be extracted in any way.