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It sounds kind of useless to me. Enforcing the whole idea behind only one person being able to have a copy of the key at a time is going to be really difficult, if not impossible, to implement. Not to mention that most of the time the way DRM gets broken is that the encryption is removed. This method is just as susceptible to that as any other DRM.
People like this need to learn that there is no such thing as a DRM scheme which cannot be broken. Unfortunately, they keep trying to come up with a "better mousetrap" and ignore the fundamental reality that the mouse can not be caught.
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