Kodak stock more than doubles on news of photo-focused cryptocurrency
Kodak stock more than doubles on news of photo-focused cryptocurrency
Eastman Kodak has gotten a lift after announcing an effort that uses the hot cryptocurrency technology to help
13 January, 2018, 03:30
Although it belatedly licensed a smartphone a year ago, Kodak has never really found its feet since photography went digital - something that it dabbled in, but sat on the technology for fear that it would pole-axe the company's lucrative film-making and processing businesses. But Kodak's new project, which involves a rights-management system for images and a related cryptocurrency, appears to be a serious effort to use a blockchain to solve a real problem.
On Monday, the almost 130-year-old brand announced it had teamed up with WENN Digital to launch KODAKCoin and KODAKOne, parts of a blockchain-based initiative that will "empower photographers and agencies to take greater control in image rights management". Kodak is now teaming up with London-based Wenn Media Group to carry out the initial coin offering, which is scheduled to hit the ground on 31 January.
Kodak notes that the KODAKOne platform will include constant web crawling to seek out images that are being used without rights. Photographers will be able to register both new and old licenses on the platform.
Shares of Eastman Kodak Co. surged 56 per cent on Wednesday, closing the trading day up US$3.85 to US$10.65. Kodak has developed an AI-driven image recognition algorithm, which has been tasked with monitoring the Internet to ensure that images registered within the platform aren't being unlawfully distributed.
"Kodak is the first mover in this space".
According to BitcoinMagazine, the new platform will be called KodakOne. "These technologies give the photography community an innovative and easy way to do just that", added Clarke.
Several other companies have been rewarded in recent weeks with a sharp rise in their stock price since they announced their entry into the encryption currency business. Blockchain, the technology underpinning popular digital currencies like bitcoin, is going to be used to build KodakOne, the company's new photo rights and royalties tracking product for digital photographers.
"For many in the tech industry, "blockchain" and "cryptocurrency" are hot buzzwords", Jeff Clarke, Kodak's CEO, said in a statement.
The former photography giant is launching new blockchain platforms KODAKOne and KODAKCoin, in partnership with WENN Digital.
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