This paper presents a novel technique, termed ICmetrics (Integrated Circuit metrics), that can be used for the purposes of generating encryption keys, electronic signatures, detecting attempts of frauds, or preventing malfunction of hardware components and systems. The ICmetrics technology is based on employment of measurable features derived from characteristics of a given electronic device in order to generate an identifier that uniquely determines or describes the device. Any changes in the identifier during consequent device's operation would signal about a possible safety or security breach within the electronic system. After a detailed overview of the ICmetrics technology and comparing it to the alternative techniques commonly used for securing electronic systems, the paper discusses challenges of developing the technology and brings an example to demonstrate how these issues are being addressed.