As detailed in a post on O'Reilly Radar, two developers discovered the following:
It doesn't appear that the data was being send anywhere according to the developers, but they were confused about this data and asked "why this data is stored and how Apple intends to use it- or not- are important questions that need to be explored."
Checked out the video below:
There are several iPhone apps that use your location data, but it always asked you first and have your permission first. May be this "consolidated.db" file will be used in just-in-case basis like kidnapping, missing, or even when you'll be killed.
And you have the freedom to make it encrypt so that no one can easily access your data.
Information from Time.com