Economy

Kodak announces its own cryptocurrency and sees shares rocket

Kodak announces its own cryptocurrency and sees shares rocket

Both the platform and cryptocurrency are supposed to "empower photographers and agencies to take greater control in image rights management", according to the press release. It sold off many of its patents at that time. Kodak says participating photographers - amateurs and professionals alike - will receive payment for licensing their work immediately upon sale. They're using the blockchain to develop a platform for digital photography dubbed KODAKOne, which could just catapult the nostalgic image company into the 21st century. Although cryptocurrencies have been relatively slow to take off among mainstream businesses, there have been important milestones; companies have launched their own digital currencies, or they've adopted blockchain technology into their existing practices, or they have taken on new means of payment which incorporate virtual currencies. KODAKOneplatform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOnesystem.

Kodak CEO Jeff Clarke says that Blockchain and cryptocurrency are hot buzzwords but these buzzwords may be key for photographers who have struggled to control their work.

Kodak, based in Rochester, N.Y., is planning an initial coin offering on January 31 for accredited investors in the U.S., UK, Canada and other countries.

Clarke said, "Kodak has always sought to democratize photography and make licensing fair to artists".

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KodakCoins will work as tokens inside the new blockchain-powered KodakOne rights management platform.

Kodak is a technology company focused on imaging.

The exchange of money will get the added step of converting dollars, which can be spent anywhere, into "KODAKCoin", which can be spent nowhere outside of the KodakOne service. For additional information on Kodak, visit us at kodak.com, follow us on Twitter @Kodak, or like us on Facebook at Kodak. Photographers get 60 percent of any proceeds, and Eastman Kodak and Wenn Digital split the remaining 40 percent, the companies said. WENN Digital has a strategic relationship with the Deloitte Analytics Institute in Berlin and the Deloitte Blockchain Institute in Munich.

CBS Marketwatch said Kodak was "boarding the blockchain bandwagon", hoping to capitalize on the cryptocurrency trend to boost its stock price.


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