Click here to listen to Newsradio 620 WTMJ's Erik Bilstad report on the latest technology that will make shopping, and even going to the bar to order your drink, much faster.

This February, the Keylime Cove Water Resort will open in Gurnee, Illinois. The waterpark is similar to others across the country, offering wavepools, lazy rivers, spectacular water rides, etc. But there's one big difference at Keylime Cove. It's completely cashless.

"Guests can literally purchase everything on property with the flick of a wrist," Keylime Spokesperson Michelle Hoffman explained.

"You don't have to carry money or your room key. Your wristband will serve as all of those functions."

Guests can use the wristbands to buy items at resort shops, eat at restaurants, and kids will even be able to play arcade games without having to use tokens.

How is this possible? The wristbands each contain a Radio Frequency Identification Device, or RFID. It's a tiny computer chip that stores tons of data. The device is similar to a bar code; only it doesn't need to be scanned. Instead a transmitter sends out a signal which triggers the tiny chip.

The same technology is implemented in many employee work badges and in I-Pass, the Illinois tollway system.

If the idea of knowing your wristband is triggering a camera to take a picture of you that can be immediately displayed and purchased when you get off the water ride is overwhelming, that's just the tip of the ice berg.

"In the future, objects are going to be interacting amongst themselves," said Alfonzo Gutierrez, the Associate Director of the RFID Lab at University of Wisconsin.

"Your frozen meal will talk to your microwave and establish how the microwave should be set up, your milk will be able to tell your fridge that it's going out of date."

It won't be long before items at the grocery store aren't scanned, but rather sorted and priced by a computer once the items are placed on the checkout counter.

In Scotland there's a nightclub that offers to implant its VIP members, therefore they can leave their cash at home. They can also expect their favorite drink waiting at the bar as soon as they sit down.

Too much?

What if your kid has a medical condition? Or a peanut allergy? What if your child is taken to the emergency room and the doctors aren't aware of his or her condition? Would it be worth an RFID implantation then?

"When it comes to consumers, people weigh convenience versus privacy," Gutierrez said. "The key is people would have a choice."