Kodak announces its own cryptocurrency and sees shares rocket

Saturday, 13 Jan, 2018

Kodak, which was nearly put out of business during the transition from film to digital photography, is now jumping on board the cryptocurrency train.

Start-ups raised more than $3 billion with initial coin offerings a year ago and, in December, shares of Long Island Iced Tea tripled after it said it would shift its primary focus from beverages to blockchain technology.

KodakOne will provide continual web crawling to monitor and protect the intellectual property of images registered to the platform. Whenever the system detects any unlicensed use of the images the KODAKOne platform will efficiently manage the post-licensing and reward the photographers.

For KodakCoin, the initial offering launches on January 31 in the U.S., U.K., Canada and other select countries, issued under SEC guidelines with Regulation 506 (c) as an exempt offering.

Stocks surged on the announcement midday Tuesday.

Kodak stocks have skyrocketed after the pre-digital dinosaur made a decision to jump on the cryptocurrency bandwagon.

Kodak film announced it is entering a licensing partnership with WENN Digital to launch a blockchain initiative for photographers at the Consumer Electronics Show on Tuesday. Firstly the requirement of the Kodak KashMiner service for miners to pay upfront would leave them liable for any loss should there be a crash in the bitcoin market.

The American technology company sees blockchain technology as a practical way to help solve a long-standing problem facing photographer. "These technologies give the photography community an innovative and easy way to do just that", Clarke said. Photographers can license their work within this platform.

Kodak is embracing this business model at a time when blockchain hype is at an all time high, according to Gertner.

Kodak will also collaborate with WENN Digital to implement a platform called KODAKOne, which will use blockchain technology to underpin a digital ledger documenting who owns the rights to individual images.

The new cryptocurrency will work as tokens inside the new blockchain, which will be powered by the KodakOne rights management platform.