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Samsung Electronics on Friday unveiled its upgraded smart tracking tag leveraging advanced wireless communication technologies that can locate people's lost items with better accuracy.

The Galaxy SmartTag+ uses both Bluetooth Low Energy (BLE) and ultra-wideband (UWB) solutions, according to Samsung.

The latest product will be available beginning next Friday though its launch schedule will vary by market.

Its predecessor, Galaxy SmartTag, which was launched in January, only used BLE technology, which provides reduced power consumption and lower costs compared with the previous Bluetooth wireless technology, reports Yonhap news agency.

UWB is a short-range, wireless communication protocol that operates through radio waves at very high frequencies, offering highly accurate spatial and directional data.