the Kodak name lives on and it is determined not to miss the digital hype bus again. Yesterday, the company announced its plans to become a blockchain business and launch its own cryptocurrency, the KODAKCoin. The news sent its share price spiking 119 per cent to $6.80 (£5.03), its highest since October 2017. (It's been on a steady trend downwards since a recent peak of $36.88 (£27.25) in January 2014).
The first part of Kodak’s pivot is to use blockchain technology to help photographers keep track of where their images are used, and to make sure they get paid when that happens. “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,” said Kodak CEO Jeff Clarke in a press release.Kodak is also launching its own cryptocurrency, KODAKCoin, which is intended as a way of paying photographers immediately when their images are licensed for use. The initial coin offering will open on January 31, 2018 But, wait. There's more. The final piece of Kodak’s blockchain plan is the most peculiar. At CES the company revealed it plans to install rows of Kodak-branded bitcoin mining devices at its headquarters in Rochester, New York. Investors will have the chance to rent a machine for two years, at a cost of $3,400 (£2,500) and will be allowed to keep half of the bitcoin mined, with the other half going back to Kodak. Each machine should generate around $375 (£277) worth of bitcoin every month at current prices The ICO will take place on January 31, 2018! So who thinks this a good buy?