Kodak turns to blockchain and cryptocurrency to protect the rights of photographers

Kodak is launching KodakCoin

Kodak turns to blockchain and cryptocurrency to protect the rights of photographers

The company recently announced that it's joining forces with Wenn Digital to launch its own bespoke cryptocurrency called KODAKCoin. But instead of using traditional currencies - like GBP and United States dollars - as a form of remuneration, Kodak's platform adopts an all-new cryptocurrency, known as KodakCoin.

The platform, called KODAKOne, was unveiled at the Consumer Electronics Show (CES) - now taking place in Las Vegas - by Kodak and WENN Digital, in a licensing partnership.

The news led to a rise in the company's stock price, which rose more than twice, with 117% in the aftermarket session. "These technologies give the photography community an innovative and easy way to do just that", said Kodak CEO Jeff Clarke.

If Kodak's stock price is any indication of the excitement in the imaging industry, then KODAKCoin might have a place in your digital wallet.

WENN Digital is perhaps better known for its subsidiary, Wenn Media, which sells photos (particularly of celebrities in the entertainment industry) to newspapers, magazines, and TV networks.

The KODAKOne platform will continually trawl the internet to monitor and protect the intellectual property of the images registered in the system. The initial coin offering will open January 31.

"Kodak is the first mover in this space". The platform allows photographers to register their work and manage their intellectual property rights.

The stock was last up 92 per cent at US$5.95 in afternoon trading on the New York Stock Exchange, off an earlier high at US$6.65.

The new cryptocurrency will be used to pay photographers for licensing or selling their work on the blockchain platform. The image rights management platform will utilize the new KODAKCoin cryptocurrency to provide photographers with a new revenue stream and secure platform for protecting their work. On the surface, this looks like something actually useful for professionals and amateur photographers who often have trouble keeping track of who happens to be stealing their work.

KodakCoins will work as tokens inside the new blockchain-powered KodakOne rights management platform.

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