I would like to track a large number of beacons (~500) at once within a 50-100 m radius via an app on an iPhone (5s). I've had a look at the spec and online and I can't see if there is any limit on the number of beacons you can track at once using BLE. Does anyone know if there is limitation on the number of beacons you can track exists or if an iPhone 5s would be up to the task of tracking that many beacons?
You used the word track, but iOS has two different methods: monitoring and ranging.
You can set a maximum of 20 regions to monitor. (Found in documentation for the startMonitoringForRegion: method.) Region limits mostly come into play if your app is in the background. The OS will alert your app when you enter or leave a region that you're monitoring (give or take a few minutes). The OS will even launch your app just to let it know what happened (although only for a short time).
The other method is ranging, which is to find all the beacons within the Bluetooth range of the device (typically around 100 feet give or take). If your beacons are spread out over 100 miles, then you probably won't run into any practical limit here. I have not found any documentation for this, and I have only four beacons that I'm testing with, and four at a time works.
Here's one way to handle your situation. Make all your 500 beacons use the same UUID, and make a beacon region using initWithProximityUUID:identifier: method. (Identifier is just for you -- it doesn't affect anything). Starting monitoring for that beacon region. That way, your app will be notified whenever one of your 500 beacons are found (give or take a few minutes). Once notified, you can use startRangingBeaconsInRegion: to find all the beacons around that area, then use the major and minor values to figure out which beacons the user is near.