Remember how frustrating it is when you cannot find what you are looking for?

Well shortly after the ‘Find My iPhone’ app, which as the name suggests, which is used to find your iPhone when you are unable to locate it; Apple has now added a new feature to its list of productive features. The iPhone can now also be used to keep track of objects or belongings (yes pets too) like your cat, your keys, music player and almost anything that can have a tag on it.

The BiKN, which is pronounced as ‘beacon’, is a system which makes use of low-powered radio in order to communicate with the tags on the various equipments that you wish to keep track of. These tags also make use of the same low-powered radio.

Nancy Crume, working with Treehouse Labs, explained that the system is similar to that of a Wi-Fi network for all objects in your house. It has a range of almost 100 feet within the house and 800 feet for outside surroundings. The company did provide a small preview of BiKN in Las Vegas at the Consumer Electronics Show.

The company has stated that BiKN will be made available by next month and can be used with iPhone 4 as well as iPhone 4S. The introductory price has been kept at $99.99 and will be available with one tag only. Additional tags can be bought at the rate of $49.99 for each pair. BiKN can be used with up to 8 tags on one iPhone.

However, the developers of BiKN have promised that work is still in progress and soon the software will comfortably support 256 tags in the future.