Chipolo is a small Bluetooth tracker that can be attached to items to help locate them using a smartphone app. It has a range of 60m and notifies the user if an item goes in or out of range. Chipolo can also be used to locate a misplaced smartphone by shaking the Chipolo. It is portable, comes in various colors, and has advantages like helping find lost items, but disadvantages include its limited range and potential battery life.