IC2 LCD connection to Arduino

That picture you posted is not what you have implemented because it is not an LCD display that is shown. Can you post a picture of what you have.

However it is most likely the address that is wrong. There are two ways of specifying an I2C address, one with the least significant bit being the read / write line and the other with the read / write not specified.
As you have printed on the device and address of 0x27 try shifting it up and using 0x4E.