You may not be aware, but Kodak still exists. The famous company reduced its manufacturing power of cameras since its bankruptcy in 2013.
And the company looks to be in great shape since Tuesday, January 9, reports Bloomberg - this is down to the stock market, which blew up 117% in one day. The reason? The company has just launched Kodakcoin , a cryptocurrency; like the now famous Bitcoin.
You may be wondering what it's all about. Well, Kodakcoin, focused on photography, should allow "photographers and agencies to better control the management of copyrights," says the company.
All thanks to the blockchain, the technology behind Bitcoin and many other cryptocurrencies. Simply put, financial transactions are coded and authenticated in "blocks" that add to each other. All this is in the form of a large public register deemed tamper-proof, as any change in information must be made simultaneously among users.
So, what’s the relationship with Kodak then?
Basically, the system would allow photographers to record their photos on a platform called KodakOne. Anyone wanting to use this photo can then pay for the rights with Kodakcoin.
Even better, Kodak "will scan the web to monitor and protect" the images uploaded to the platform. If a photo is used illegally, the person can then pay the photographer directly in Kodakcoin.
It still remains unclear how it justifies such an explosion of the stock price of the company. It must be remembered that Kodak is not in a very bright financial situation, even if it has managed to make profits since 2016. In addition, no technical details have been disclosed on Kodakcoin.
But while Kodak’s proposed blockchain-powered platform and virtual coin may look like a good prospect on paper, it’s still vague as to why the photography company requires the blockchain technology to achieve its goals, instead of building another social media platform. Like the other tea and vape companies that gained media attention last month for making keying into blockchain, Kodak could just be trying to capitalize on the current cryptocurrency mania.
A little vague? it doesn't matter, the company has won 180% on the stock market.