The legendary camera maker of yesteryears, Kodak has decided to launch a cryptocurrency, especially for photographers. The initial coin offering (ICO) of the currency named KODAKCoin will open at the end of the month.
The currency which will be launched in partnership with Wenn Digital will be part of KODAKOne—an image rights management platform which is a joint project between these two firms.
The tokens will be open to accredited investors from the US, UK, Canada and other select countries. “This initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506(c) as an exempt offering,” the company added. However, it is not clear how much Kodak seeks through this ICO.
Kodak and Wenn Digital expect KODAKOne platform to “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,” utilising the blockchain technology. The blockchain is the technology which powers digital currencies like bitcoin and many others.
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who have long struggled to assert control over their work and how it is used, these buzzwords are the keys to solving what felt like an unsolvable problem,” said Kodak CEO Jeff Clarke.
Using KODAKCoin, photographers will be able to trade the rights of the photograph in a “secure” way. Additionally, the KODAKOne platform will provide “continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system,” the company said.
The platform if detects any instance of unlicensed usage of images, it will manage the post-licensing process in order to reward photographers.
Post the announcement, the price of shares of the Eastman Kodak Company rocketed to post 117 percent rise in Tuesday’s trade. When the New York Stock Exchange closed on Tuesday, the shares were quoting at USD 6.80, up from USD 3.10 in the morning.
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