Apparatuses, methods, systems, and program products are disclosed for distributed license encryption and distribution. An apparatus includes a processor and a memory that stores code executable by the processor. The code is executable to select a license token from a pool of available license tokens associated with available digital licenses in response to a license request from a first device. The license token includes information identifying second devices where segments of a digital license associated with the license token are stored. The segments are encrypted using encryption keys for one or more participants. The code is executable to re-encrypt the segments of the digital license for the selected license token using an encryption key for the first device and send the license token to the first device where it is used to request the segments from the second devices, decrypt the segments, and reconstruct the digital license.