LG CNS Examines Facial Recognition To Conduct Payments With Digital Currency
LG CNS Examines Facial Recognition To Conduct Payments With Digital Currency
April 24, 2020
LG CNS Examines Facial Recognition To Conduct Payments With Digital Currency
LG CNS Examines Facial Recognition To Conduct Payments With Digital Currency
April 24, 2020

LG CNS, the LG Corporation’s IT services subsidiary, is examining artificial intelligence-based facial recognition technology which allows users to conduct payments by using digital currency.

On April 23, it has been reported by IT Times that LG CNS used its employees to examine the new facial recognition service, as the platform includes AI, blockchain, and cloud technologies.

However, after identifying an employee, the system enables them to automatically pay for services and products at the corporate restaurant with a pre-registered blockchain-based community currency.

Lee Joon-won, the Solution Business Development Manager at LG CNS, said:

“It is expected that blockchain-based community currency will be used by a lot more people as it becomes more convenient when it meets AI. As non-face-to-face technologies are applied recently, blockchain that increases transaction reliability will be used more widely.”

Likewise, LG CNS has been experimenting with the system since March, but it is not the only blockchain-based solution that the company has developed.

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In July 2019, the company revealed plans to deploy blockchain to foster supply chain transparency for school cafeteria lunches.

It has been analyzed that the data on blockchain was set to include information on products’ production, processing, distribution, acquisition, and consumption, all of which are recorded on the blockchain and made publicly available.

In November 2019, LG CNS partnered with Kakao, the blockchain subsidiary of the Internet providers, to develop mutually compatible infrastructure.

Thus, an LG representative stated:

“We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities.”

Source: Cointelegraph | Image: CPO Magazine


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.