It is said that the tag is linked to your iCloud account when you place it near your iPhone, as if you were using AirPods. If the label is too far away from your phone, you may receive a notification. You should be able to set up safe zones where you can leave a marked item without receiving these notifications. You may also have the ability to share tag locations with your friends and family.
According to the report, you will be able to store your contact information on the label. So when you report the loss of a marked item, any Apple device can read the information and you receive a notification when someone found them. It's a clever way for Apple to take advantage of its large number of active devices and give its keyword a leg up on the competition.
Meanwhile, Apple would test internally the Find My Friends / iPhone replacement application, which would be available on iOS and macOS (as Marzipan application). It would include a feature called Find a Network, which would supposedly help you track devices even if they are not connected to WiFi or a mobile network.
Friends will be able to send requests to share places. If a friend shares his location with you, you may be able to set up notifications for his arrival or exit from a given location. You will have the option of placing lost mode devices in the app or causing them to sound if you can not find them.
We do not know if or when Apple will officially announce all this. He usually unveils important information about iOS at the global developer conference in June. We could then learn more about the unified application. As for the tracker, it is possible that it debuts at the September iPhone event.