From what I have read it is/ or can become what we have been warned about in The Revelations of Jesus Christ.
From http://www.pakalertpress.com/2012/07/24/all-americans-will-receive-a-microchip-implant-in-2013-per-obamacare/
"The new microchip technology with an RFID chip is so advanced it sounds like science fiction. The Apostle Paul explains how this fits into Revelation 13, where the False Prophet will head a one world religion and force people to accept the mark of the beast. A microchip implant, biochip implant or med chip, in and of itself, is not necessarily the mark of the beast. The mark of the beast under the direction of the False Prophet, requires the conscious rejection of Jesus Christ as Lord and a commitment to worship the Antichrist as God.
The challenge for Christians and others will be the very act of taking a microchip implant, biochip implant or med chip, simply because of its parallel to the Biblical mark of the beast. Will people of faith be exempted for religious reasons or will they be forced to take it or imprisoned. In addition, any microchip technology could be activated with enhanced controls after it is implanted. So what starts out as a simple microchip implant could become a technology where at some future time, you must worship the Antichrist as God, and reject Jesus Christ as Lord in order to participate in the economic system. The built-in and evolving capacity of microchip technology makes this a dangerous possibility.
In the final analysis, the simple act of accepting the implantation of a microchip for medical reasons appears harmless on the surface. However, there is no guarantee that once it is implanted, that it will not be activated for mark of the beast technology. This is the danger and challenge that lies before us."
Praise Jesus, it is close to His return!