1. A system for tracking and controlling access to a plurality of objects that are checked out and checked back in by users, the system comprising: at least one readable identification code stored on a plurality of the objects; a storage unit having a plurality of receptacles, each receptacle configured to receive and store an object; wherein the storage unit comprises an enclosure with a plurality of panels wherein at least one panel comprises one or more conducting threads embedded in the at least one panel; at least one reader associated with the storage unit for reading the identification codes of objects present in the storage unit so as to determine which objects are in the storage unit; a computer controller coupled to the storage unit for receiving identification codes of objects in the storage unit; and the controller adapted to selectively allow or restrict access to one or more of the objects stored in the storage unit to a user when the user logs in to the system based on the identity of the user.