This is plausible. I actually swallowed a camera pill once in 2015 that took pictures of my stomach and intestines as it went through my system.
Remember the movie with RACKWELL Welch in it and the submarine in the blood stream? Fantastic Voyage?
Isn’t that the catch though? It will go through the system, so how does that work for multiple doses?
Most likely, someone will invent a jammer small enough to accompany the chipped pill.