NEW YORK (CBSNewYork) — Could we soon be carrying all of our medical and financial information on a tattoo?

Software company Chaotic Moon has developed a “tech tattoo” that gets embedded into a person’s arm and can track a person’s financial and medical information.

Eric Schneider, the company’s hardware creative technologist, explained the tattoo can monitor if a person is about to get sick.

“Rather than going to the doctor once a year for your physical, this tech tattoo can be something you put on your body once a year and it monitors everything that they would do in a physical and it sends that to your doctor, and if there’s an issue they can call you,” Schneider said. “So the tech tattoos can really tie in everything into one package. It can look at early signs of fever, your vital signs, heart rate, everything it needs to look at to notify you that you’re getting sick or your child is getting sick.”

The tattoo will transmit this information wirelessly to a mobile app or computer being monitored by their health professionals.

Schneider also said that people would be able to carry their financial information through this tattoo.

“We carry wallets around and they are so vulnerable. With the tech tattoo you can carry all your information on your skin and when you want your credit card information or your ID, you can pull that up automatically through the system,” he said.

The tattoos are made with “electro conductive ink” that contain various sensors, and in some cases tiny microchips. The makers say they will last for up to a year.

Tim Moynihan of Wired Magazine thinks there could be a future with these tech tattoos.

“Twenty percent of Americans, I think, have tattoos so there is a potential market there.” Moynihan told CBS2.

Lance Ulanoff of Mashable called it a “fascinating idea” that could potentially be used to help track missing children or checking up on soldiers in combat.

“Right now they wear suits to try and keep track of all their vitals, and if something goes wrong with the suit then maybe there’s a problem, but if it’s on your skin, they know all the time,” Ulanoff told CBS2.

Cosmetic company L’Oreal is also getting in on the action with a temporary tattoo that can track UV exposure and alert people if they’re in danger of burning.