Kodak Launches its Own Cryptocurrency called KodakCoin

Kodak Enters the Crypto-World

Kodak, an American technology company well-known for making imaging products, has decided to join the world of cryptocurrencies. It is doing so by introducing KodakCoin, its very own cryptocurrency. After being founded in 1888, the company has failed to maintain its market dominance. However, shortly after the company announced its ICO plan, its stock price increased by 200% in value. In addition to KodakCoin, the company launched what it calls the KODAKOne image rights management platform.

Kodak, which is based in Rochester, New York, entered into a licensing partnership with WENN Digital in order to launch this initiative. The company plans to leverage blockchain technology by building a decentralized and encrypted ledger. This ledger will allow photographers to secure rights ownership of their work. It will accomplish this by enabling them to easily register and license their latest and previous work. Photographers will also be able to obtain payment by directly selling their work through the KodakOne blockchain platform. The platform will further assist photographers by scouring the internet to track down any unauthorized use of their work.

Image Licenses will Be Tracked

According to the company, crawler bots will track down images shared on the internet which match those stored on its blockchain. All licensed (purchased) images will be pinned to an IP address. This will help bots decipher which images are being used without a license. Websites using images without a license will then be required to obtain a proper license. This could help make sure that photographers are being fairly compensated for their work.

ICO Will Start Soon

In order to fund the development and marketing of the coin, as well as to launch its distribution, the Kodak ICO will commence on January 31st, 2018. As mentioned earlier, KodakCoin will work in conjunction with the KodakOne blockchain to facilitate digital rights management for photographers. There might also be additional products available within the KodakOne domain. The company also says it will be using Artificial Intelligence to enhance its image recognition algorithm.

Will it be Successful?

It’s worth noting that although the ICO will be launched in the upcoming weeks, the complete KodakOne infrastructure is scheduled to come out sometime in 2019. The success, or failure, of the  ICO could very well determine if the company actually follows through with its plans. This initiative has its fair share of supporters and critics.

Jeff Clarke, CEO of Kodak states that his company, “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.”

Dennis Disk, a trader at Bright Trading LLC, thinks it’s getting ridiculous. He also added,  “From a fundamental point of view, none of this makes sense.” Although he doesn’t elaborate on this, one could argue that everyone seems to be jumping onto the crypto and blockchain bandwagon. It seems like the moment a company attaches its name to these words, their stock prices go up to insane levels.

The Crypto-Bandwagon

Long Island Iced Tea Corp. (LTEA) saw its share prices skyrocket by 200% right after it said it was changing its name to Long Blockchain Corp. I guess it might be getting kind of ridiculous, after all. RenRen, an old school Chinese social media platform, witnessed its shares go up by nearly 50% after it revealed its ICO project. Regardless of whether there is any substance behind what a company claims, as long as people hear the word “cryptocurrency” or “blockchain”, many of them jump on the bandwagon. Only time will tell if all these initiatives will actually turn out to be a success.