What will be Wal-Mart's next hot product?

It may look like a simple white cylinder, but Node is much more than that.

When paired with an Apple (AAPL) or Android device through a Bluetooth connection, this little white cylinder can read your child's temperature, check for carbon monoxide leaks, detect a range of body movements and even store your favorite shade of paint so you can find its match at the hardware store.

George Yu, an electrical engineer who specializes in sensor technology, came up with the idea for Node three years ago. "My idea was to combine the sensor technology in a smart device that could also help consumers save money," said Yu, who previously worked as a contractor at NASA.

Crowdfunding site Kickstarter helped him raise $76,000 so he could produce the first Node last year. His Chattanooga, Tenn.-based startup, Variable Inc., has sold several thousand Nodes since they first hit the market last August.

Node is a contender for Wal-Mart's "Made in the U.S.A" category, which will choose a finalist on Oct. 22. Yu said 60% of the Node is made entirely in the U.S. It's up against BluTrack, Eraselet and Bungee'd.