A software company has created a “tech tattoo” that allows a person to store their medical and financial information inside his or her body, according to a new report from CBS New York.

Officials from Chaotic Moon, the company behind the tattoos, told the television station that the tattoos can monitor a patient’s vital signs and other medical information and wirelessly send the data to doctors. The tattoos, which use special ink and microchips, can last up to a year and may replace the need for people to visit doctors for their annual physicals, according to the report.

The tattoos could also one day be used to help locate lost children or monitor the vital signs of soldiers in combat, the television station reported, and might also eliminate the need for wallets because people will be able to store their credit card information and identification in them.