Kodakcoin: Kodak is launching its own Cryptocurrency
Kodak is working to help photographers fight image theft using blockchain technology and its own cryptocurrency. On Tuesday, January 9 at the 2018 Consumer Electronics Show, Kodak and Wenn Digital announced KodakOne. A platform for photographers to manage their photos, including ownership. Along with protecting their work using the blockchain, photographers can also sell their work and earn KodakCoin. Kodak’s very own cryptocurrency.
KodakOne uses blockchain technology — protecting data through a large network of computers — and applies the concept to managing photo rights. The company calls it an “encrypted digital ledger of rights ownership for photographers.”. Additionally photographers can add new as well as archive images to the system.
While the blockchain keeps the record of photographs, crawler bots will search the web for those photos. Bots won’t incorrectly flag purchased images as licensed images will be linked to an IP address. If that crawler detects an image that wasn’t properly licensed. Kodak says the platform assists photographers in getting those sites to license the image.
“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,” Kodak CEO Jeff Clarke said in a statement. “Kodak has always sought to make photography and licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
The app will not only serve as a platform for photographers to help find and recover stolen images. KodakOne will also function as a licensing platform where photographers can sell their work. As well as helping photographers keep their creative work Kodak said the platform pays in KodakCoin immediately after the sale and is ideal for both professional and amateur photographers.
The ICO launches on January 31 in the U.S., U.K., Canada and other select countries. It is issued under SEC guidelines with Regulation 506 (c) as an exempt offering. Photographers can sign up on Kodak’s website to receive notifications once the licensing platform is live.
As a result of the announcement Kodak has received a lot of publicity surrounding their announcement. With every major crypto publication reporting on it, it is great to see more companies adopting the uses of blockchain technology. In 2017 we compiled a list of companies jumping on the blockchain bandwagon.