Royal Canadian Mint (MintChip) General Information
Mintchip is a digital currency chip. The chip contains a private key signed by the mint, which is itself then used to sign transactions. When making a payment, the sender gets the ID of the receiver. The chip decrements the balance stored within it and signs a message stating it has done so and that the recipients ID should increment its balance accordingly, this message is then presented to the recipient's chip which verifies the signatures and adjusts its own balance.