That's what I assumed, and would work great.
Makes it a great device (the stick) to distribute for a app (financial, medical, etc. for example) that we don't want disassembled, reverse engineered, distributed, screen-shotted, or cut and pasted, and want to be able to disable via serial number for a subscription lapse. This would mean storing the SN of the device, but would be a very targeted private channel.