LG’s software subsidiary, LG CNS, unveiled a facial recognition service that combines AI and blockchain to make payments in digital currencies. Called the ‘face recognition community currency’, the solution is being trialed at LG headquarters for entry and at a restaurant counter inside the building, according to legderinsights.com.
LG has installed facial recognition devices that check the identity of employees and then automatically access the blockchain-based community currency. The solution is hosted on the cloud, and employees can use the service to make contactless payments at the restaurant.
This could be beneficial during the current COVID-19 pandemic as users can avoid touching a smart card or downloading a mobile app for scanning QR codes. The goal is to reduce contact with machines at the time of payment.
LG has been using AI-based facial recognition for entry into its head office since the beginning of this year. It later combined the blockchain-based payments system and is running the pilot at a cafeteria counter. LG plans to expand the use of facial recognition payment systems for other stores and service areas.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
