Thanks to the runaway success of archetypal cryptocurrency Bitcoin, there has been a rush to capitalise on market hunger for the new form of commodity, with a variety of new cryptos appearing, including Litecoin, Ethereum, Bitcoin Gold, and others. The latest to get in on the act is embattled photography company Kodak, as part of a digital licensing proposal with WENN Digital.
The tie-up will involve the launch of KodakCoin and KodakOne, a Blockchain venture that will act as a ledger for photographers who want to licence their work and receive payment. Using the technology, photographs will be linked to the owner via an indelible electronic signature, which allows for instant payment whenever the photograph is used or bought. This is designed to tackle the perennial problem of photographers fighting over the rights to their work, which is often used indiscriminately online and in print without credit or payment.
In addition to this, the photographers would be paid in the new cryptocurrency KodakCoin, which Kodak says will allow users to feel that their payment is handled securely on the new virtual platform, when other virtual systems have a problem with trust. This move would create a new marketplace for Kodak, who have been adapting to the digital age and the withering of film photography, and whose share price has struggled following a 70% slump last year.
Following the announcement, shares in Eastman Kodak surged 42%. Fears abide that Kodak is at risk of falling victim to a bubble, as other businesses such as Long Island Iced Tea make similar moves. A lack of an overall regulator is a worry for some investors, as there is no central accountability for the currency. The nature of the transactions also makes them hard to trace and secure, with several high-profile Bitcoin thefts from ‘farms’ occurring over the course of 2017.
Original Image Source: Wikipedia Commons