LG CNS Testing AI & Blockchain-Based Facial Recognition Tech For Contactless Digital Payments

LG CNS, the IT subsidiary of the electronic good manufacturer is testing an AI-based facial recognition system for making digital payments, as reported by IT Times on 23rd April. The IT Times report also noted that the company is already testing the new tech on its employees. The firm has been testing the new technology since March.

LG’s facial recognition tech makes use of Artificial Intelligence, Blockchain, and cloud technology. The testing phase of the tech on company employees saw them using it for making payments in the cooperate canteens and restaurant in blockchain-based cooperate currency.

The facial recognition scans the face to detect the customer than match it with the data available on the blockchain and later charge them from their cooperate account. All these processes happen simultaneously in a matter of a few seconds.

Is Facial Recognition Based Payment Gateway Secure?

Blockchain-based data storage networks might be considered as secure, and a contactless payment system might sound convenient, but Trent Lapinski, a whitehat hacker disagrees. Lapinski explained that decentralization might sound fancy and secure to many but one must understand that privately owned and developed blockchain networks are not truly decentralized. He explained that a couple of code changes in the blockchain code could potentially corrupt the network and hijack the data easily.

Since blockchain is used to store data, its authenticity and security depend on immutability and if that is bypassed, it could be used to run havoc on the people who trusted the system in the first place.

Blockchain Being Increasingly Used By Mainstream Tech Firms

Mainstream tech firms are showing an increasing interest in the decentralized techs and have invested in multiple ventures based on blockchain technology. IBM is one such firm that has not just invested heavily in multiple blockchain ventures but has also emerged as a choice for a blockchain infrastructure provider to enterprises.

Similarly, for the LG Group CNS, the AI and Blockchain-based facial recognition is not the only blockchain venture they are working on. Last year in July, the firm revealed that they are looking forward to introducing blockchain in supply chain management for school cafeteria lunches, where they would put the data of the food items including their origin, where they were processed and when they were packaged to ship, to make it easy for anyone to check the origin of their food with a simple barcode scan.

LG CNS has also partnered with the blockchain subsidiary of internet service provider Kakao to develop infrastructure which is mutually compatible. LG is planning to narrow the gap between public and private blockchain which would not only make them more widely usable but also bring down the cost of the infrastructure significantly.

Lee Joon-won, solution business development manager at LG CNS, talked about the company’s interest in the decentralized tech and what they intend to achieve through these investments. He said,

“It is expected that blockchain-based community currency will be used by a lot more people as it becomes more convenient when it meets AI.

As non-face-to-face technologies are applied recently, a blockchain that increases transaction reliability will be used more widely.”

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Silvia A
Silvia A
Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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