GUID in VB.NET - Global Unique Identifier Visual Basic .NET

From my very little knowledge of GUIDs, from my interpretation/understand, its a Globally Unique Identifier which means that basically some genious coder developed an algorithm that generates a unique identifier such that the probability of the GUID being non-unique is so low, its pretty much unique - most likely you'll have to read this back a few times to understand what I am saying.

Okay so I came across this piece of basic code which I am certain you cannot copyright so I'm also going to show it here. I haven't tested it but its one line of code so it should do the trick

Function GUID() As String

GUID = System.GUID.NewGuid().ToString()

End Function

Basically. you'd need a GUID perhaps in developing a way to license your application I suppose? I'm not to sure, it must be handy for something.