If I think about all of this, wouldn't one of the main issues with the lack of internet connection be faked physical bitcoin bills? If you can not scan a qr code or validate in another way that there is really bitcoin behind it, how would you know that it is not simply a copy or a complete fake. So yes, in theory you could make bitcoin usable for people without internet with this system, but in reality it is actually not possible since you can't verify.
These notes have currency-grade anticounterfeiting technology. It would take at least an official North Korea style hack to duplicate. Unlikely.
The patented time lock technology assures that the funds will be available at maturity regardless of the number of people who hold the bill in the interim.
The bills can be verified at any point with the built-in chip.