This depends on how the application is written. It is possible to triangulate using iBeacon so you could use multiple iBeacons and calculate a very small distance of high probability. Primarily its about proximity (e.g. are you near the beacon or not) rather than triangulated. #iBeaconWebinar
Turning iBeacon reception into triangulation depends on being able to establish a coordinate system throughout the space, and place beacons on to that coordinate system for use with proximity distances. You'll need a large number of beacons, and perhaps a software toolkit that helps translate a list of beacon proximity distances into a spatial coordinate. I would expect there are a few companies working on such systems.