LG CNS on Thursday introduced a “face recognition community currency” system combining artificial intelligence (AI), blockchain, and cloud server technology.
The tech company’s new payment system utilizes AI technology installed in a kiosk dedicated to recognizing facial biometrics. After identifying employees, the system then automatically proceeds with payment through a pre-registered blockchain-based community currency encrypted in the cloud server.
LG CNS explained that the AI-based payment system reduces the risk of virus infection by eliminating unnecessary points of contact. The company said that the system is more convenient to use than credit cards or mobile apps.
“Face Recognition Community Currency” System Application
The South Korean company said that the combination of AI and blockchain technology used in “face recognition community currency” opens up new areas of innovative applications. This structure makes the system significant in the digital innovation area.
LG CNS currently conducts operations testing of the system at a cafeteria located in its headquarters in Seoul since March. The company plans to expand the system to other stores soon to gather and verify results.
Early January, the tech company applied the AI-powered face recognition payment system at one of its gates located at its headquarters. In February, LG CNS installed the system to all entrances.
During the spread of the COVID-19, the company included a feature that allows only employees wearing masks to access entry. The system also automatically measures body temperature as the worker enters.
Last year early August, LG CNS launched its Monachain-based community currency payment system to cafes and restaurants in Magok headquarters. The blockchain system platform has been in operation ever since.
LG CNS Solution Business Development Manager, Lee Joon-won, said that as more people become convenient with using AI-based systems, blockchain-based community currency would grow. He added that with the era of the untact market, non-face-to-face technologies and reliable blockchain would increase in use.
