Yes that is the chip from inside the factory remote. I get tried of having two remotes because I got the Viper alarm system installed and took apart the factory remote. I tested placing the chip right next to the keyhole and this allow me to start the car, but once the key was taken out you could not arm the alarm because the chip was still there which mimics having the key there also. I then epoxy glue the chip on the base of the key and this works properly, so now I only have to carry around the Viper remote.

This chip on the key method is only if you install an aftermarket alarm system and do not want to carry 2 remotes around.