Kodak, a company that seemed dead and disappeared with the advent of digital photography, just saw an increase today when it announced the creation of its own cryptocurrency. The so-called KodakCoin will be the token that will drive the company's new KodakOne platform. KodakOne will allow photographers to register their images, license them and search the web for unauthorized use.
The CEO, Jeff Clarke, explained:
"For many in the technology industry, 'Blockchain' and 'cryptocurrencies' are buzzwords, but for photographers who have struggled to exercise control over their work and how it is used, these words are the key to solving the problem that seemed impossible to solve, 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. "
Kodak's stock doubled in value after the company's announcement.
Although Clarke is optimistic that the new cryptocurrency will revive Kodak's weak fortunes, the Financial Times calls the move a "last desperate bid for relevance." KodakCoin will be launched by an ICO on January 31. The sale of tokens is only open to accredited investors.
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