Kodak launches a cryptocurrency and sees its stock price soarBy Robin-Leigh Chetty 10 January 2018 | Categories: news
The past few months have been dominated by news of cryptocurrencies like Bitcoin, and their fluctuating prices. As such, the relative mystery and grey areas surrounding cryptocurrencies means a number of companies are looking to dip their toes in the pool and see exactly what the cryptocurrencies can do for them.
One such organisation is Kodak, which recently announced a partnership with Wen Digital to create a photo-centric cryptocurrency, according to TechCrunch. The platform is called KODAKOne and coin is named KodakCoin, and the company says it will "empower photographers and agencies to take greater control in image rights management."
Interestingly, following the announcement, Kodak's saw a significant rise of 44% and ended up at an estimated overall increase of 37.60% on the day. As such it serves as a clear indicator that cryptocurrencies are the real hot property at the moment.
That said, KODAKOne does attempt to address a significant problem in the photography industry. With image image rights such a significant issue, particularly for up-and-coming or independent photographers, having a digital ledger like KODAKOne in place might prove a solid solution.
To that end, Kodak adds that users of their platform will be enable photographers to sell their images or work securely via Blockchain. Although not going into the finer details, Kodak notes that its platform will "efficiently" detect when image rights have been breached and manage the post-licensing process to properly reward photographers.
KODAKOne and KodakCoin is set to go live via an ICO on 31 January 2018 and will open to investors in the United States and other select regions.
Most Read Articles
Have Your Say
What new tech or developments are you most anticipating this year?