Don't miss the latest stories
Kodak Launches Its Own Version Of ‘Bitcoin’ For Photography Enthusiasts
By Mikelle Leow, 11 Jan 2018
Composite image by DesignTAXI. Background image via Wikimedia Commons (public domain)
Kodak is the latest to cash in on the cryptocurrency craze with its own version that’s catered specifically to photographers.
On Tuesday, the company announced its collaboration with WENN Digital in creating ‘KODAKCoin’, a cryptocurrency designed to “empower photographers and agencies to take greater control in image rights management.”
The photo-focused ‘Bitcoin’ will be accompanied by a new ‘KODAKOne’ platform that offers constant web crawling to help monitor and protect work encrypted in the system.
Upon detection of unlicensed image use, Kodak will “efficiently manage the post-licensing process” and award users accordingly.
CEO Jeff Clarke explained, “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.”
“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’,” said Jan Denecke, CEO at WENN Digital.
“Subject to the highest standards of compliance, ‘KODAKCoin’ is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
The company’s stocks have skyrocketed by 44% following the announcement, “up 37.60% on the day,” TechCrunch reported.
The coin will launch officially to investors in the US, UK, Canada, and selected countries, on 31 January 2018. Find out more about ‘KODAKCoin’.
[via Mashable, cover image via Wikimedia Commons (public domain)]
More related news
Also check out these recent news