Shares of Kodak soared over 41% after the KODAKCoin announcement.
Eastman Kodak is joining the cryptocraze.
Today, on 9th January, 2018, Kodak announced a brand new partnership with WENN Digital for a blockchain-based platform that will aim at protecting photos and images, along with artists and photographers.
Riot Blockchain shares have tripled since October when the former biotechnology firm changed its name and said it was revising its business focus to bitcoins. Although cryptocurrencies have been relatively slow to take off among mainstream businesses, there have been important milestones; companies have launched their own digital currencies, or they've adopted blockchain technology into their existing practices, or they have taken on new means of payment which incorporate virtual currencies.
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The biggest advantage the platform will provide for users is the immediate payment and shared revenues ensured, once their work becomes licensed. It sold off many of its patents at that time.
"It appears that Kodak is jumping on a bandwagon that has lately been driven primarily by hysteria, and smacks of a move that suggests that management doesn't have any better options".
"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".
In a press release announcing the move, Kodak CEO Jeff Clarke acknowledged the current cryptocurrency craze, but said the launch of the KodakOne platform was an extension of the company's 130-year long tradition to help empower photographers. The Kodak ecosystem is driven by the KodakCoin, which veteran and rookie photographers receive in exchange for licensing agreements on the blockchain.
KodakCoin will be registered as a security with the US SEC, and the upcoming ICO is open to accredited investors across the United States, Canada and the UK among other countries. "These technologies give the photography community an innovative and easy way to do just that". The KodakOne platform also provides ongoing web crawling to monitor and protect the IP of images housed in the system. When an unlicensed image is detected, the platform can "efficiently manage the post-licensing process in order to reward photographers".