The fear of a pet wandering outside and being taken to a shelter before even knowing about it is a pet owners nightmare. A company called Pawscout has developed a pet tag that will alert you via mobile app if that happens. Unlike GPS tags that will show your pet's location on a map from anywhere, the secret sauce to the “smart tag app” uses Bluetooth technology to track your pet and utilizes the community as a resource, as well. According to yahoo, as soon as your pet goes missing, you can mark them as "lost." Anyone with the Pawscout app on their phone who passes within 300 feet of a lost pet will get a notification with instructions on contacting the pet's owner.
This of course would be dependent on a critical mass of users that would all need to have the app installed on their phone for it to have any value.
The tag also allows pet owners to create a digital profile of their pet where they can upload pics of their pet, medical issues, vaccinations, behavioral issues and the like… or unlike. This feature is nothing other than a cloud-based folder.
There is no integration with a pet portal or anything of the like, so there is no value. Pet owners would essentially just copy and paste medical records from some other source and then upload to a cloud folder as they can already do in Google Docs, Icloud, Dropbox or any other, other ubiquitous cloud storage options.
It doesn't look like pet's really enjoy it.
bluetooth has a short range and is a hassle to pair
relies on external power
dependent on a critical mass of users that will need to have the app for it to have any value
This will more than likely just get lost in a sea of all the other millions of apps out there that nobody uses.