Kodak thinks that it can capitalise on the blockchain revolution to change modern photography. The company is building what it calls KodakOne, a system that combines digital photography rights management with the new KodakCoin cryptocurrency.
The idea is that KodakOne will provide a platform for photographers to upload and license their work. It will handle the difficult bit of tracking copyright and is designed to crawl the web to ensure that all royalties are paid. 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.
KodakCoin is the second part of the equation. Acting as a medium of exchange, the cryptocurrency is meant to be used to pay photographers on the KodakOne platform. It’s important to note that the currency must be mined on its own after the ICO; allowing it to behave more like a traditional cryptocurrency.
In all, this doesn’t exactly sound like a cheap cash grab that seems to be becoming a trend. Kodak seems to have a plan in mind, and is going to provide a legitimate service in return for people getting on board with KodakCoin.
Of course, stock markets love anything that includes the word blockchain. Kodak’s stocks have doubled in value since making the announcement. So it looks like the plan is already working.
[Source: BusinessWire, KodakOne]