I'm struggling to imagine how this would provide any value. There is already a scheme for chipping animals with unique tags that can be scanned for to identify the owner. If the animal is lost and found, this is enough to get them home.
If you want to know where the animal is, you can fit a tracking collar. It would need to be recharged regularly. It would be pretty obvious it was a tracking collar. If the animal was stolen (does that actually happen?) at best this would tell you where it went up as far as the collar being removed. You have no practical way of preventing the collar from being removed and I would have thought it was a pretty obvious thing to do when stealing an animal, as it's the most immediately recognisable thing that could be used to identify it. As soon as the collar is removed, you have no way of knowing where the animal is. Being able to trace the collar after that is of no value.
The only scheme I can see that makes sense to me is to insert an ID chip, and fit a tracking collar that detects the presence of the chip and reports its position regularly, including whether the collar is currently on the animal. I suppose this would enable you to guess whether the animal was stolen, or merely lost. Obviously if the collar is on the animal it's worth going there to retrieve it; if it isn't ... you probably want to go there anyway to retrieve the collar and look for clues. Knowing whether the animal is wearing the collar doesn't seem to have given you much benefit, it seems to me.