Kodak to Create a Blockchain-based Image Rights Platform

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Because the crypto-craze continues, canny companies are clamoring to climb aboard the digital train destined for greater profits. Kodak is the newest company to hitch the crypto club with announcements of its own blockchain platform and digital currency.

Only a day after we examine Russian owned messaging platform Telegram starting its own cryptocurrency another big name joins the fray. Crypto is currently a hot potato and companies are in search of a slice of the pie by getting onboard with the tech that everybody is talking about. The 130-year-old photo company has been in search of a cash injection since its film revival fell flat, and building a blockchain is nearly as good an idea as any.

New York-based Kodak has announced a partnership with Wenn Digital to develop an image rights platform called KodakOne. This can run in tandem with a new photo-centric virtual currency called KodakCoin. The coin will probably be designed as a payments platform for photographers to receives a commission instantly and securely via the blockchain when their photos are sold online. Meanwhile, KodakOne will crawl the web in search of image copyright violations. The concept is to create an encrypted distributed ledger of rights ownership running on the Ethereum platform using smart contracts.

Kodak chief executive Jeff Clarke had this to say;

“For a lot of within the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to say control over their work and the way it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,”

The ICO will probably be launched on January 31 but only open to accredited investors from a couple of countries including the US, UK, and Canada. It was a good day for Kodak shareholders as the worth tripled within the hours after the announcement. Based on NASDAQ Stock within the Eastman Kodak Company surged from around $3 to only under $10 in six hours. Currently Kodak stock is up over 190% proving that affiliation with the world’s hottest tech in the mean time is great for company coffers.

Whether the corporate actually needs this technology and has a clear vision for its future or whether it was just an try and cash in on the present trend in cryptocurrency remains to be seen. What is guaranteed though is that more companies will follow within the coming weeks and months; crypto fervor is at an all-time high.

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