Kodak announces cryptocurrency using Ethereum Smart Contracts, stock increases more than 80%, ICO starts on Jan 31

The Eastman Kodak Company (Kodak) announced partnership with WENN Digital to launch major Blockchain initiative and Cryptocurrency. To take greater control in image rights management, KODAKOne an image rights management platform on blockchain is introduced. In addition to that KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies is also announced in a press release on Jan 09, 2018.

Blockchain is being accepted in solving more real life issues. After its implementation in Music industry, now is the time for digital image and photography. Kodak CEO Jeff Clarke said,

For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.

“Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

The press release states, that KODAKOne platform using blockchain technology 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. 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. KODAKOneplatform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOnesystem. Where unlicensed usage of images is detected, the KODAKOneplatform can efficiently manage the post-licensing process in order to reward photographers.

We are using Ethereum Smart Contracts, but we’re also developing our own proprietary blockchain and will evaluate the optimal solution during development,” Kodak said in a statement

After the announcement of KODAKCoin, the stock of Kodak has increase more than 80% since yesterday.

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The initial coin offering will open on January 31, 2018 under SEC guidelines and is open to accredited investors from the U.S., UK, Canada and other select countries. The ICO target is $20 million, with the potential to go up to $100 million. For more information visit www.kodakcoin.com.

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