It is an interesting and good idea but there probably aren't enough people, agencies, stores, etc that would have the chip reader to make it a viable way to identify quilts. Museums might have a use for them but I'm not sure who else would. I believe that most quilts that are stolen and taken to be sold to private parties or passed off as the theif's own work.
Where do most stolen or lost quilts end up?
What I do think would be a good idea is some sort of sensor on the quilts in shows so that they can not leave the building without authorization.