Q: How does it work?

A: BluePrints are commonly found in loot, when you find and pickup a blueprint, you will learn it, so you are now able to craft it.

    If you already know this BluePrint then it will go into your inventory so you can store, trade or give away to a friend, once they pick it up, they will 

    also be able to craft it. 

You do not need components to craft common items or items that you've learned.