LG CNS unveils cryptocurrency payment with face recognition

LG CNS on April 23 unveiled a face recognition community currency service system created with three cutting-edge technologies – artificial intelligence, blockchain and the cloud. The AI face-recognition technology identifies the user and allows them to automatically access a blockchain-based community currency while storing all these processes in the cloud. The service combining the three technologies is a first in the country. # Face recognition payment system reduces the possibility of contracting Covid-19 The face-recognition community currency recognizes the users’ identity through the AI face recognition technology. Then the payment via a community currency based on the LG CNS Monachain blockchain platform is automatically made. LG CNS employees that have consented to the use of their faces and bank account information don’t need to reach into their wallets when using the company’s cafeteria. They only need to stand before the face recognition device at the cafeteria and the payment is automatically approved. It’s a more convenient way for the employees, as they previously had to touch their smart cards on a device or pay with QR code. Additionally the service is based on blockchain and the system is operated via the cloud. LG CNS said by reducing unnecessary contact during payment, it would reduce the possibility of getting infected with Covid-19. The company said the payment service has been in trials at its headquarters cafeteria and it plans to expand the service to other stores accordingly to its test results. = # Monachain coin being used at LG CNS cafeteria since last year The LG CNS community currency payment system based on the Monachain has been in use at the headquarters cafeteria and coffee shops in Magok-dong, Seoul, since August last year. The convenience store on the third floor of its headquarters has been in testing as an unmanned store where access to the store is controlled through AI and the payment is made automatically made with a system that recognized the products purchased. “We expect more people to use the blockchain based community currency whose convenience really improves with AI,” said Lee Joon-won, head of LG CNS Solution Business Development. “The use of blockchain, which increases credibility of transactions, will be widened as recently the application of technologies that reduce contact have been increasing.”

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