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As soon as your beacon is connected, please scroll the detail view all the way down. If there is an updated firmware available for your beacon, you will see a button that says "Update firmware". Tap on it to continue.
Once completed, the app will show you the below message. The beacon will get disconnected automatically at this point to apply the new firmware. This can take a few moments to complete. Please wait for a short time before attempting to reconnect to your beacon.