Kodak has just launched its own initial coin offering KodakCoin, which is a cryptocurrency for photographers. As with anything that gets the cryptocurrency label nowadays, the price of Kodak’s stock gained 60% in value rising to $5.02 as soon as the news was announced.
Kodak is creating a rights management platform that is based on Blockchain technology, where KodakCoins will work as tokens. The purpose of the platform is to create a digital ledger of rights ownership, where photographers would be able to register and license their work. According to the press release, Kodak is looking to “empower photographers and agencies to take greater control in image rights management”, creating a new economy for photographers where they can be paid for their work on a secure platform.
Jeff Clarke, CEO of Kodak, said in a press statement:
“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.”
— Seth Fiegerman (@sfiegerman) January 9, 2018
Despite the fact that Kodak is trying to solve an important issue in the world of photography, it is unclear why Blockchain technology is needed for this purpose. This raises the issue of whether the company is trying to benefit from the current cryptocurrency mania as everything that gets the “crypto” label put on starts to rise in value.
The ICO opens on 31st of January and is open to investors from all over the world.
Photo credit: The Verge