A method for identifying a machine and/or machine component includes storing an algorithm for generating a machine signature value associated with the machine and/or machine component. The method also includes receiving a first set of machine data from the machine and/or machine component. The machine data reflects at least one operational characteristic of the machine and/or machine component. The method also includes generating, using the algorithm, a first machine signature value based on the first set of machine data, storing the first machine signature value, and accessing the stored first machine signature value to verify the identity of the machine and/or machine component.