10 Jan 2018
Shares in photography firm Kodak more than doubled on the announcement that it is to venture into a digital currency initiative and also install bitcoin mining facilities.
Kodak said it will launch a programme that will enable photographers to licence and sell their work on a blockchain platform.
The US-based firm, which was slow to join the digital revolution, has struggled and has sought to stay alive, licencing its brand to various manufacturers.
On the announcement of the crytpoventure, its shares jumped by over 130%, according to the BBC.
In a joint partnership with WENN Digital, the project will include KODAKOne, an image rights management platform, and KODAKCoin, a photo-centric cryptocurrency that is aimed at enabling photographers and agencies to have “greater control of image rights management.”
Participating photographers will be able to receive payment for licensing their work immediately upon sale, and also sell their work confidently on a blockchain platform. The KODAKOne platform provides continual web crawling in order to monitor and protect the IP of the images registered in its system.
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” said Kodak CEO Jeff Clarke.
WENN Digital CEO Jan Denecke said: “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.”
Kodak is also understood to have outlined plans to install bitcoin mining rigs at its New York offices.
Called Kodak Kashminer, the scheme will be managed by Spotlite and reportedly require customers to pay upfront.
It is estimated that, at bitcoin’s current value, 2 years of mining could earn an investor a monthly profit of $500 a month.
The initial coin offering will open on January 31, 2018 and is open to accredited investors from the US, UK, Canada and other select countries.
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