Kodak is Joining the Cryptohype

Kodak is Joining the Cryptohype

The manufacturer of photographic materials and equipment Eastman Kodak, founded in 1888, is going to launch its own blockchain platform for registration of intellectual property rights and issue Kodakcoin cryptocurrency.

The company, which passed in 2013 the bankruptcy procedure, reported about their plans on the official website. Kodak will launch the KodakOne platform for the licensing and tracking of photographic work, as well as the fight against infringement of intellectual property rights. The company announced the conclusion of an agreement with a startup Wenn Digital, within which will develop a cryptocurrency.

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 WENN Digital CEO, Jan Denecke.

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.

Kodak is going to run an ICO on January 31 this year. Using the blockchain technology, the KODAKOne platform will create an encrypted digital property rights where photographers can register both new and archival works, subsequently obtaining a license for them.

Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.

- said Kodak chief executive Jeff Clarke

In general, innovations will expand the capabilities of photographers. They will receive payment for the sale of licensed works in KODAKCoin, and a module will be built in the platform itself, which will monitor the use of the work.

The company's shares at the auctions in New York rose more than 120 percent against the background of the news.

Information Source: Bloomberg