Even the 130-year-old Kodak company can not resist the cryptocurrency craze.
Kodak has announced it is partnering with Wenn Digital to create its own cryptocurrency and blockchain platform for photographers.
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‘KODAKCoin’ is a photo-centric cryptocurrency aimed at empowering photographers and agencies “to take greater control in image rights management.”
The KODAKCoin currency will operate on the KODAKOne platform, a blockchain enabled system tailored for photographers. The platform allows photographers to register their work and manage their intellectual property rights.
“With KODAKCoin, 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,” a company statement said.
The technology will be in beta by the end of 2018 with a launch target of early 2019, according to Wenn Digital.
Kodak CEO, Jeff Clarke, said the cryptocurrency and blockchain were more than “hot buzzwords”, they were enabling a long sought solution for rights management.
“These buzzwords are the keys to solving what felt like an unsolvable problem,” Clarke said.
“Kodak has always sought to democratise photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
Kodak Stock Surges
Following the announcement Kodak’s shares jumped 130 per cent, according to Forbes.
Kodak will hold an initial coin offering (ICO) on January 31 and is open to accredited investors from the US, UK, Canada and other select countries.
Wenn Digital CMO, Bruce Elliot, said they are hoping to raise $20 million through the ICO. The venture marks the first time a “household” brand has take the cryptocurrency plunge, according to Elliott.
“Kodak is the first mover in this space. The first big household brand to embrace blockchain and cryptocurrency and we think it’s a really exciting partnership.”
Wenn Digital, is a development and operations company founded in 2017 that claims expertise in “proprietary blockchain development, big data, copyright law, AI-enabled image recognition and post licensing monetisation systems.” Wenn’s parent company, Wenn Media, is a celebrity and entertainment news agency.