Kodak Launches Major Blockchain Initiative and Cryptocurrency
KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency will be used to empower photographers and agencies and help solve the issue that photographers have continually struggled with – asserting control over their work and how it’s used.
The KODAKOne platform will utilise blockchain technology to create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they will then be capable to license within the platform. KODAKCoin will construct a new economy for photography, as photographers will be able to receive payment for licensing their work immediately upon sale, and sell their work securely on a blockchain platform. The KODAKOne platform delivers continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system. If unlicensed usage of images are detected, the KODAKOne platform can efficiently manage the post-licensing process in order to reward photographers.
Kodak was previously known as a company that was slow to join the digital revolution, and its reluctance to leave behind its traditional film heritage cost the company its market. This reinvention has seen the shares of the photography firm more than double, trading 130% above their opening price on Wednesday.
Speaking of this momentous turning-point, WENN Digital Chief Executive, Jan Denecke states,
“It is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin… Subject to the highest standards of compliance, KODAKCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
This reinvention has seen the shares of the photography firm more than double, trading 130% above their opening price on Wednesday. ”
OPPORTUNITIES FOR YOU:
Our next investment event will be our Blockchain Innovation Showcase, to be hosted in London at the end of January. This will bring together a range of investors (with an active interest in the blockchain), with a number of innovative blockchain based solution providers and startups.