|Source: Red Dot Design website|
When text needs to be converted into audio or Braille, the user places the scanner or 'top' of the ring face-down on the text to begin optical character recognition. As the ring is moved from word to word, the corresponding Braille characters are extruded on the underside of the ring, allowing someone who knows Braille to recognise the letters if a finger is placed on the underside. An audio version can be sent via Bluetooth.
The concept by Choi Hanbyul, Choi Soyoon and Hang Jeong is described at length here.