Kodak surges on cryptocurrency service to help photographers

Kodak Launches Licensing Platform With Exclusive Bitcoin-like Camera Currency 'KODAKCoin,' Sees Shares Rise

Kodak Launches Licensing Platform With Exclusive Bitcoin-like Camera Currency 'KODAKCoin,' Sees Shares Rise

Photography industry icon Kodak is getting into the cryptocurrency game.

KodakOne will utilize blockchain technology to create an encrypted, digital ledger of rights ownership that photographers can use to register their work and license images through the platform.

Kodak surges after announcing plans to launch cryptocurrency called 'Kodakcoin'

Shares of Eastman Kodak stock were up more than 100% in afternoon trading after the company announced a new cryptocurrency initiative. There was also an update on Kodak's latest 360-degree and virtual reality cameras. The blockchain technology will protect users and their work by constantly scanning the web for illegal use of the user's work and their IP address. The digital token will be used to pay photographers-professional and amateur-for work that is licensed out to other sources. It can be hard for collectors to verify the authenticity of a piece of art, especially those bought online.

With the price of Bitcoin, Litecoin, Ripple and other digital currencies skyrocketing, an eclectic mix of small, unrelated businesses has attempted to ride the wave of investor interest by teasing cryptocurrency pivots.

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Today, on 9th January, 2018, Kodak announced a brand new partnership with WENN Digital for a blockchain-based platform that will aim at protecting photos and images, along with artists and photographers.

The Financial Times was more blunt in its criticism, calling it "Kodak's last desperate bid for relevance". Where unlicensed usage of images is detected, the KODAKOneplatform can efficiently manage the post-licensing process in order to reward photographers. The photographers can then sell their KodakCoins on a cryptocurrency exchange for dollars.

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It's not clear at this time how much Kodak intends to seek through the ICO, but the company said that the token sale would be open to accredited investors from countries including the US and Canada. However, such alternative cryptocurrencies sometimes see their value spike as investors look to turn a profit on the hype around new coins.

WENN Digital CEO Jan Denecke said KodakCoin will be "subject to the highest standards of compliance" and is "all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in".

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