Prior to today, Smart Lock was only available to users of the Chrome OS Dev Channel. Today, that is no more as the feature is open to any and every Chrome OS user (with a Bluetooth connection). Smart Lock allows Android 5.0 Lollipop devices to unlock nearby Chromebooks seamlessly. The Chrome OS device will recognize the user is already signed in on their phone and bypass the lock screen.
Google provides these directions to setup Smart Lock:
For a comprehensive look at how exactly Smart Lock works, click here.
Source: +Google Chrome
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