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This video tutorial guides on extracting a c2v file, which is the first step of the key update procedure. It allows for upgrading software between versions, such as Builder version 2017 to Builder version 2018. Similar instructions apply to other programs like Adapt PTR, Adapt Felt, and Adapt ABI. The process involves three main steps: extracting the c2b file and sending it to Adapt, upgrading the file with an upgrade file provided by Adapt, and downloading and installing the new version on the computer hosting the license. This can be a physical license like a hard lock or USB key, or a soft license like Network or standalone.