Photography firm, Kodak
have released that it is to launch its own cryptocurrency, and plans to host an initial coin offering at the end of this month. In their official announcement, they said that their virtual currency would ‘underpin an encrypted, digital ledger of rights ownership for photographers’.
The idea behind this cryptocurrency is that photographers could then use this blockchain to register works, with KODAKCoin functioning as a medium of exchange on the platform. They can use this to receive payment in the cryptocurrency as well as pay for rights.
This is the first time that Kodak has revealed any sort of an interest in blockchain technology, and is best known for its photography related products. In a statement, Kodak CEO Jeff Clarke said;
“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 has always sought to democratise photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
According to Kodak, the company has said that the token sale would be open to accredited investors from countries including the US and Canada;
“This Initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506 © as an exempt offering.”
Since they have announced plans for this blockchain, shares for Kodak are up by approximately 37 percent, having risen from an opening of $3.10 to $5.50.
Image Source: Flickr