a torque wrench is provided that includes a radio frequency identification or near field communication sensing mechanism that enables the wrench to receive information regarding the different attributes of a shaft that is operably connected to the wrench . the sensing mechanism can communicate with a corresponding rfid / nfc tag located in a shaft that is releasably connected to the wrench in order to receive information from the tag on the status of the shaft and set points for the application of torque using the shaft . information can also be written and stored on the tag concerning the length of time the shaft has been in use .