diff --git a/apiserver/plane/license/migrations/0002_rename_version_instance_current_version_and_more.py b/apiserver/plane/license/migrations/0002_rename_version_instance_current_version_and_more.py
new file mode 100644
index 000000000..850f924bf
--- /dev/null
+++ b/apiserver/plane/license/migrations/0002_rename_version_instance_current_version_and_more.py
@@ -0,0 +1,101 @@
+# Generated by Django 4.2.11 on 2024-05-31 10:46
+
+from django.conf import settings
+from django.db import migrations, models
+import django.db.models.deletion
+import uuid
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        migrations.swappable_dependency(settings.AUTH_USER_MODEL),
+        ("license", "0001_initial"),
+    ]
+
+    operations = [
+        migrations.RenameField(
+            model_name="instance",
+            old_name="version",
+            new_name="current_version",
+        ),
+        migrations.RemoveField(
+            model_name="instance",
+            name="api_key",
+        ),
+        migrations.AddField(
+            model_name="instance",
+            name="domain",
+            field=models.TextField(blank=True),
+        ),
+        migrations.AddField(
+            model_name="instance",
+            name="latest_version",
+            field=models.CharField(blank=True, max_length=10, null=True),
+        ),
+        migrations.AddField(
+            model_name="instance",
+            name="product",
+            field=models.CharField(default="plane-ce", max_length=50),
+        ),
+        migrations.CreateModel(
+            name="ChangeLog",
+            fields=[
+                (
+                    "created_at",
+                    models.DateTimeField(
+                        auto_now_add=True, verbose_name="Created At"
+                    ),
+                ),
+                (
+                    "updated_at",
+                    models.DateTimeField(
+                        auto_now=True, verbose_name="Last Modified At"
+                    ),
+                ),
+                (
+                    "id",
+                    models.UUIDField(
+                        db_index=True,
+                        default=uuid.uuid4,
+                        editable=False,
+                        primary_key=True,
+                        serialize=False,
+                        unique=True,
+                    ),
+                ),
+                ("title", models.CharField(max_length=100)),
+                ("description", models.TextField(blank=True)),
+                ("version", models.CharField(max_length=100)),
+                ("tags", models.JSONField(default=list)),
+                ("release_date", models.DateTimeField(null=True)),
+                ("is_release_candidate", models.BooleanField(default=False)),
+                (
+                    "created_by",
+                    models.ForeignKey(
+                        null=True,
+                        on_delete=django.db.models.deletion.SET_NULL,
+                        related_name="%(class)s_created_by",
+                        to=settings.AUTH_USER_MODEL,
+                        verbose_name="Created By",
+                    ),
+                ),
+                (
+                    "updated_by",
+                    models.ForeignKey(
+                        null=True,
+                        on_delete=django.db.models.deletion.SET_NULL,
+                        related_name="%(class)s_updated_by",
+                        to=settings.AUTH_USER_MODEL,
+                        verbose_name="Last Modified By",
+                    ),
+                ),
+            ],
+            options={
+                "verbose_name": "Change Log",
+                "verbose_name_plural": "Change Logs",
+                "db_table": "changelogs",
+                "ordering": ("-created_at",),
+            },
+        ),
+    ]
diff --git a/apiserver/plane/license/models/instance.py b/apiserver/plane/license/models/instance.py
index b8957e44f..92998e1a8 100644
--- a/apiserver/plane/license/models/instance.py
+++ b/apiserver/plane/license/models/instance.py
@@ -1,3 +1,6 @@
+# Python imports
+from enum import Enum
+
 # Django imports
 from django.db import models
 from django.conf import settings
@@ -8,14 +11,22 @@ from plane.db.models import BaseModel
 ROLE_CHOICES = ((20, "Admin"),)
 
 
+class ProductTypes(Enum):
+    PLANE_CE = "plane-ce"
+
+
 class Instance(BaseModel):
     # General informations
     instance_name = models.CharField(max_length=255)
     whitelist_emails = models.TextField(blank=True, null=True)
     instance_id = models.CharField(max_length=25, unique=True)
     license_key = models.CharField(max_length=256, null=True, blank=True)
-    api_key = models.CharField(max_length=16)
-    version = models.CharField(max_length=10)
+    current_version = models.CharField(max_length=10)
+    latest_version = models.CharField(max_length=10, null=True, blank=True)
+    product = models.CharField(
+        max_length=50, default=ProductTypes.PLANE_CE.value
+    )
+    domain = models.TextField(blank=True)
     # Instnace specifics
     last_checked_at = models.DateTimeField()
     namespace = models.CharField(max_length=50, blank=True, null=True)
@@ -70,3 +81,20 @@ class InstanceConfiguration(BaseModel):
         verbose_name_plural = "Instance Configurations"
         db_table = "instance_configurations"
         ordering = ("-created_at",)
+
+
+class ChangeLog(BaseModel):
+    """Change Log model to store the release changelogs made in the application."""
+
+    title = models.CharField(max_length=100)
+    description = models.TextField(blank=True)
+    version = models.CharField(max_length=100)
+    tags = models.JSONField(default=list)
+    release_date = models.DateTimeField(null=True)
+    is_release_candidate = models.BooleanField(default=False)
+
+    class Meta:
+        verbose_name = "Change Log"
+        verbose_name_plural = "Change Logs"
+        db_table = "changelogs"
+        ordering = ("-created_at",)