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LG facial recognition platform to power payments

LG facial recognition platform

LG facial recognition platform that revolutionizes how payments are done has been unveiled. The global brand and South Korea electronics manufacturer has been working behind the scenes on digital currency. Backed by an LG digital token, the platform is using the user face to make contactless payments.

The pilot project comes at a time when the coronavirus pandemic is forcing frontline health workers to recommend avoiding the use of physical cash. The innovation combines blockchain, Artificial Intelligence (AI) and cloud computing to provide contactless transaction even for those donning facemasks

LG facial recognition platform release

A press release on LG facial recognition platform shared with the LG’s Green Economic Daily and the company IT section; CNS, says the project will employ facial recognition technology powered by AI and cloud innovation to allow for contactless payment using its native token.

Since the end of 2018, LG has been running tests in one of the biggest parks. However, they have been working with one of the leading local banks, KB Bank. KB is also believed to be a strong partner in the project.

LG has been keeping its cards close to the chest; the team has not indicated the possible token launch. What’s more, they have not denied the ongoing tests. With the current South Korea ban on Initial Coin Offerings (ICOs), the project secrecy is justifiable.

Testing LG facial recognition platform underway

LG facial recognition platform testing will start from the company’s staff cafeteria. This will see those working at the firms’ CNS charged automatically at a contactless checkout without the typical use of QR codes, smartphones, or smart card payments; just the face. This will be expanded to other LG offices across the country.

LG has been running in-house hardware for facial recognition at some of its select offices. This has done away with the use of workers’ ID cards or fingerprints. Instead, employees’ faces are scanned to make transactions. Now the firm is planning to roll-out the project and make it available to over 170 client firms.

Already the project roll-out has commenced and using it to ensure employees are wearing masks as a way of fighting the COVID-19 pandemic. The timing appears right for LG facial recognition platform before a permanent solution for the crisis is found.

Albert Kim

Albert Kim

Albert Kim is a full time tech content developer and writer specializing in blockchain and cryptocurrencies. He has been in the tech industry for the last 7 years helping businesses scale up their potential to the next level.

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