Eastman Kodak unveils cryptocurrency, stock doubles

Gladys Abbott
January 10, 2018

The camera giant's new KODAKOne image rights management platform utilizes blockchain technology in order to set up an encrypted digital ledger created to give photographers the ability to register and license their work within the platform.

The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble. The company subsequently entered bankruptcy proceedings in 2013 and has seen its shares lose more than 90 per cent of their value since then. The digital token will be used to pay photographers-professional and amateur-for work that is licensed out to other sources. The platform will also continually scan the web to monitor and protect the artist's IP and assist them in dealing with illegal use of their work. Before Tuesday's cryptocurrency announcement, the historic camera powerhouse's stock price had sunk more than 70% over the past year.

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Alongside KODAKCoin, today marked the announcement of a Kodak full body 3D scanner for making 3D-printed models of people. While Kodak may have been forgotten by some people due to the "smartphone era", the company is now entering what most technology companies can not get enough of, i.e. Blockchain and ICOs. The site sells some works of art for more than $100,000, and it depends on its blockchain to collect payment and to offer a record of ownership.

The photography company, which went bankrupt a few years back after dragging its heels amid the digital revolution, announced KODAKCoin and an accompanying KODAKOne platform Tuesday: a "photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management". The coin offering opens on January 31. "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".

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