The system has only one flaw, it can be counterfeited with significant investment. The chip has to be reverse engineered to extract any unrevealed keys. Unless the keys are obtained the transactions are not at risk, all end points have unrevealed keys, including some in common.
So, use intelligent statistics and insurance bots to find the fakes. Cancelling a card is easy, tell it to shut down then go get another,. The card know how to do that.
Is their a block chain behind the insurance system?
Sure, why not, running after the fact as insurance. Also, the S&L sites have exact counts, and any deposits/loans are tagged to card ID. Otherwise, it just counts missing digits as a single group.
We, hire a insurance vendor; tell him you want to collect possible transactions outstanding on some card ID. That vendor has your permission,, starting with the S&Ls, to leaver tracers.
Tracking down counterfeiters in real time:
The insurance bot can buy fake coins having your card ID. The insurance vendor keeps a trading pit specific to buying coins coming from a particular set of card IDs. A known site to sell coins for verification.. Any merchant receiving your fake coins would sell them, right away, always watching the counterfeit site, hoping to make a buck by spotting fakes IDs. So, policing the secure network is no more difficult than any technology we have today.
On the whole, this is a very difficult and expensive system to counterfeit.
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