A system for continuous asset verification for at least one piece of well equipment using at least one radio frequency identification tag comprising: at least one radio frequency identification tag for removably attaching to at least one piece of well equipment; a first processor for storing information about the well equipment and for communicating the information to the radio frequency identification tag; a transportable data storage device for receiving and storing from the first processor the information; a controller comprising a second processor adapted to engage with the transportable data storage device, thereby forming a smart controller, wherein the smart controller is adapted for scanning for radio frequency identification tag at least one predefined interval to detect the information; a third processor for communicating with the transportable data storage device and storing the information.