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LG’s IT subsidiary uses facial recognition technology for payments in digital currencies

April 24, 2020

IT service subsidiary of LG Corporation is currently testing an AI-based facial recognition technology that allows users to make payments using a digital currency.

LG CNS used its employees to test the new facial recognition service, the IT Times reported on April 23. The platform includes AI, blockchain and cloud technologies. After an employee has been identified, they can automatically pay for services and products in the corporate restaurant using a pre-registered blockchain-based community currency.

Lee Joon-won, Solution Business Development Manager at LG CNS, said: “Blockchain-based community currency is expected to be used by a lot more people as it becomes more convenient to use with AI. Remote technologies have been used recently. Blockchain, which increases the reliability of transactions, is used on a larger scale. “

LG CNS’s big plans for blockchain

LG’s IT subsidiary uses facial recognition technology for payments in digital currenciesLG’s IT subsidiary uses facial recognition technology for payments in digital currencies

LG CNS has been experimenting with the system since March, but it’s not the only blockchain-based solution the company has developed.. Last July The company announced plans to implement blockchain to promote supply chain transparency for school lunches. from the cafeteria.

The blockchain data has been configured to include information about the manufacture, processing, distribution, procurement and consumption of products, all of which are recorded on the blockchain and made available to the public.

In November last year, LG CNS developed a mutually compatible infrastructure in cooperation with the blockchain subsidiary of the internet provider cocoa. “Through this partnership, we will overcome the boundaries between private and public blockchains and combine our strengths for new business opportunities.”A representative from LG announced this and announced the company’s plans at the time.

A dubious approach?

Such an approach may seem appropriate, especially since no unnecessary contact between devices and people is required during the current coronavirus pandemic. However, this could raise some concerns.

Trent Lapinski, a hacker and technology manager, previously wrote this with a few code improvements: Blockchain can be corrupted by authoritarians to build social credit slavery systems. In combination with 5G, advances have been made in surveillance technology, autonomous drones, facial recognition systems and artificial intelligence. Blockchain can be used as the underlying infrastructure to permanently destroy privacy and freedom.

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