Today, Kodak announced that they would be partnering with Wenn Digital to create a “photo-centric cryptocurrency”, that will “empower photographers and agencies to take greater control in image rights management.” This is a new level of crypto solutions we haven’t experienced yet, and what a way to return!
For any of you who are wondering who Kodak are, then let me give you a quick brief.
The Eastman Kodak Company is an American technology company that produces imaging products with its historic basis on photography. The company is headquartered in Rochester, New York and is incorporated in New Jersey. The cameras and film they produced for the era was second to none. Physical camera equipment that you’d have to manually wind if I remember correctly, typically shooting however many photographs and then having to take your film to the Kodak store for processing and development. “Come back in 4 hours” I vaguely remember. Anyway, back to business –
The company’s stock jumped 44 percent when the initial announcement hit mainstream news outlets and is currently trading at $6.80, up 117.60% on the day.
Here’s the buzzword-filled description of the product.
“Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform. KODAKOne platform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system. Where unlicensed usage of images is detected, the KODAKOne platform can efficiently manage the post-licensing process in order to reward photographers”.
The ICO will take place on January 31st, 2018 and is open to accredited investors from the U.S., U.K and other select countries. The coin will be called KodakCoin.