Just watched the last Google Dev video on Eddystone & Beacons (https://www.youtube.com/watch?v=s-4J7cijPAo). I don't understand the need for physical beacons when a database linking latlong & a specific data can do exactly the same (except for indoor use-cases). Is GPS not precise enough to make sure the user interacts with the right object?
GPS is generally accurate up until 30 meters (being lax here). iBeacons are here to bridge the gap between geolocation and micro location. So GPS would be good to tell when you arrive at someone's house. However, if you wanted to know when they arrived a certain room at said house, you would use an iBeacon.
So to answer your question, no GPS is not precise enough to make sure the user interacts with the right object.
Example: We demo'd an app at Comic Con that would award users badges and points by visiting booths. We placed iBeacons in each booth to tell when a users had entered/exited a booth. GPS would not have been precise enough to tell this, also there were signal issues inside the venue that also hindered GPS usage. Also, if someone changed booth locations, all they had to do was move the iBeacon rather than try to change the lat/long of the booth.