Kodak, a renowned photography company has decided to jump on the cryptocurrency bandwagon, as it now plans to launch it’s own cryptocurrency ‘KODAK Coin‘ with a new photography platform. Having almost been forgotten about over the years, this decision might serve as a resurgence for the company.
Kodak has suffered many losses in the last few years and its downfall from a giant in the photography and film industry to almost being forgotten about is pretty sad. Any efforts to regain its former status have been in vain.
However, the company has made the decision that might give them far greater returns than they have gotten in the past few years. Kodak’s latest initiative will see itself partner with WENN Digital to create KODAKOne, which is a platform created for the sole purpose of image licensing. Along with the platform, the company has also made the decision to offer the KODAKCoin cryptocurrency.
“Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin,” CEO Jeff Clarke said. Article by @latimeshttps://t.co/6Iwmm1s0qP
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— KodakOne (@KodakOne) January 9, 2018
The platform will allow photographers to register their images onto the platform which can then be licensed, thus offering greater protection for their images. WENN Digital is a blockchain developer, so partnering with them will help with developing the technology for KODAKCoin. The cryptocurrency will act as a means for the photographers registered on the KODAKOne platform to perform transactions which can include either making sales (for perhaps their images) or receiving payments from licensing any of their work.
The @KodakOne platform & Kodak branded #cryptocurrency #KodakCoin give photographers a new revenue stream and a secure platform for protecting their work. #KodakCES2018 #CES2018 https://t.co/cRP6SJR1YB pic.twitter.com/MiLgRTZx7G
— Kodak (@Kodak) January 9, 2018
Almost all cryptocurrencies use blockchain technology. It’s used to record online transactions for digital currencies. Blockchain technology is vital for any cryptocurrency to function and is the leading technology that almost all cryptocurrencies use. Blockchain technology is to cryptocurrency what internet is to email, the latter needs the former to work.
Kodak CEO Jeff Clark explains the reasoning behind launching the “photo-centric” cryptocurrency KODAKCoin:
“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.”
This initiative doesn’t appear to be a gamble to get back on track as Kodak has also pledged to carry out routine web crawling. This will ensure the safety of the IP linked to the catalog of images in the new KODAKOne system. Kodak has also put in a mechanism which will compensate their users for the unlicensed use of their work. It appears to be a win-win for everyone here.
With Kodak making sure the platform succeeds, this initiative is set to have an enormous impact on the photography industry. This helps democratize the photography industry and helps in making licensing fair for artists. It also helps ensure protection for every photographer’s image, so an overall victory for the photography industry.
WENN Digital thinks the same way as the company’s CEO Jan Denecke expressed his thoughts on the partnership: “Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin.”
Kodak, is set to launch perhaps the first ever “photo-centric” cryptocurrency through ICOs (initial coin offerings), a popular method used to generate funds by cryptocurrency startups. The ICOs will start from January 31.
As mentioned earlier, Kodak had suffered multiple losses over the last decade or so with its stock going down by 70 percent. However, the company’s stock price more than doubled as it grew over 135 percent after the announcement regarding its cryptocurrency was made.
The KODAKOne platform is a great idea which is definitely going to help photographers who sometimes have to wait too long to receive payments for their services. Given the current situation, using cryptocurrency may seem like a good idea. However, many experts have warned against entering the cryptocurrency due to its immense risks but for a company like Kodak which has suffered many losses already, there’s not much left to lose.