Modern Multikey emulators support:
Instead of plugging a physical dongle into a USB port, the emulator intercepts the software’s API calls to the dongle’s driver and returns the expected cryptographic response. To the protected application, the emulator is indistinguishable from the original hardware.
A physical dongle adds a single point of failure. A Multikey Emulator allows you to create a digital backup. If the original is lost or fried by static discharge, you can restore the emulator from a file in minutes.