www.makemkv.com

so until Makemkv is updated or the SVQ is updated for Chronicle for the new BD+ encryption I am deciding to back up the disc, which what I want to know now is how do i use that backup to decrypt later when makemkv is updated?? can makemkv just open the folder of the dump disc to be used or how does that work??

With current version of MakeMKV, make an "encrypted" backup per http://www.makemkv.com/faq/item/4/catid/4 . Once SVQ is updated, launch MakeMKV and open index.bdmv file from the backup.