System and methods for monitoring machine components are disclosed. A method may include detecting, by an electronic chip having a globally unique identifier and being integrated within the component of the machine, installation of the component in the machine. The method may include determining, by a monitoring module operatively connected to the electronic chip via a communication bus, a date or time of the installation based on receiving information regarding the installation from the electronic chip. The method may include monitoring, by the monitoring module, the component to determine an amount of time that the component has been operating. The method may include transmitting, by a transmitter module operatively connected to the monitoring module, information that identities the globally unique identifier, the date or time of the installation of the component in the machine, and the amount of time that the component has been operating.