articleStartImage

In an official press release, Kodak, one of the most historically renowned companies, has announced a partnership with WENN Digital, in a bid to develop its own cryptocurrency – KODAKCoin.

According to the statement, KODAKCoin will be a photo-centric cryptocurrency and will be the native token for the KODAKOne image rights management platform. Aimed at photographers and agencies, the platform will utilize blockchain technology to register, track and license their work for secure distribution and protection of IP rights.

Commenting on the development, Kodak CEO Jeff Clarke said:

“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.

Kodak 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.”

Kodak, was once synonymous with digital photography, but failed to realize its potential and filed for bankruptcy in 2011, followed by a subsequent recovery in 2014. However, this time around, it seems like the company is not taking any chances and the move towards blockchain technology has seen its stock surge from $3.13 to $6.85 at the time of writing, a 119% hike.

The Kodak initial coin offering (ICO) is scheduled for January 31, 2018, and according to the statement, it is launching in compliance with the SEC’s guidelines as a security token.

With ICOs raising unprecedented capital in 2017, it is no surprise that companies are going to continue the trend this year. Interestingly, today we reported on another upcoming ICO from the team behind the popular messaging app, Telegram, which aims to develop its own blockchain-powered platform, TON.