A colleague of mine recently wrote this high level summary:<p><a href="http:&#x2F;&#x2F;www.huffingtonpost.com&#x2F;acm-the-association-for-computing-machinery&#x2F;emv-credit-card-chips-no-_b_8916126.html" rel="nofollow">http:&#x2F;&#x2F;www.huffingtonpost.com&#x2F;acm-the-association-for-comput...</a><p>He is a crypto professor and I am sure he can answer your technical questions about how it works.<p>You can find him here: <a href="http:&#x2F;&#x2F;wphomes.soic.indiana.edu&#x2F;samyers&#x2F;" rel="nofollow">http:&#x2F;&#x2F;wphomes.soic.indiana.edu&#x2F;samyers&#x2F;</a>