A rotating cutting tool (2, 14, 16) for machining a workpiece on a machine tool, in particular for dressing the grinding worm of a tooth flank grinding machine, having an electronic data carrier for storing data relevant to the use of the tool, has an annular data carrier (7) arranged concentrically to the rotation axis of the tool and having an above-average storage capacity, and said data carrier (7), during the machining process, with the tool (2, 14, 16) rotating, exchanges tool-relevant data, at a high transmission rate, with a likewise annular write/read head (10) arranged concentrically thereto on the machine.