It is what is says. The RFID chips would be mandatory for firearms. The key feature is it wouldn't be trackable... not that it matters since ya'll are monitoring our cell phone conversations under the Patriot Act anyways.
The smartphone app could be on at all times, and disabled when hunting/going to the shooting range, etc. It doesn't have to be a smartphone app. Any device that could beam the correct frequency to disable nearby firearms would do the trick.
The technology is certainly there and it's even cheaper than the shots each side is taking at the other.
This would uphold the 2nd Amendment while respecting individual privacy, and provide greater security for unarmed citizens, for businesses, and for institutions.