One of the most significant producers of photographic equipment – Kodak – is launching cryptocurrency for photographers ‘KodakCoin’.
On January 9, the company announced it would launch an ICO by the end of January in partnership with London-based WENN Digital.
The new platform will be built on the public blockchain technology – with the use of distributed ledger; photographers can register their work and licence it.
Only a few hours after the announcement, Kodak’s shares went up by roughly 37 percent, rising from $3.10 to as high as $5.50, finally settling at $4.30.
What Is KodakCoin?
Kodak is not the first commercial company that has decided to turn into blockchain to attract more customers and provide a better experience for their users.
One of the first ones was Burger King and the WhopperCoin launched a loyalty scheme. Kodak, however, seems to provide a solution to an existing problem, rather than just entertainment and marketing gimmick.
One of the most common issues in the world of art is licensing and ownership. Ever since the online revolution, artists have been struggling with their work being stolen or illegally downloaded.
Kodak, however, is aiming to create a platform where blockchain technology will protect the ownership. According to Kodak CEO, Jeff Clarke, the platform will revolutionise the world of photographers:
“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 democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
So where does the KodakCoin fit in?
Photographers could use Kodak’s blockchain to register their work and the KodakCoin as a medium of exchange on the platform. This way, users can receive payment in cryptocurrency as well as pay for rights.
So, photographers would not only have their work protected by the blockchain, but their income would also be handled securely and with trust.
KodakCoin Solution To Kodak’s Financial Problems?
Kodak has been struggling financially for the last few years, mainly due to the rising competition and ‘outdated’ feel.
However, entering the ICO market might just what the company needed.
The share prices have already gone up, not to mention the potential future investment once the token sale is launched.
Long-established companies always have a higher success ratio while launching promoting an ICO – purely due to a known name and already established trust with the public.
While Kodak is undoubtedly taking a step towards a right direction, there are already a few companies that have even decided to change their name to include ‘blockchain’.
One of them is Long Island Iced Tea Corp. which is planning to change its name to Long Blockchain Corp. The company will still keep on producing beverages but want to focus more on blockchain technology for their operations.
In the beginning, the price will be driven mainly by the investors, but KodakCoin will likely be available to purchase on some of the major exchanges after the ICO period is closed.
Kodak is launching cryptocurrency for photographers – KodakCoin – as an initial coin offering on January 31st, as a security token underneath the SEC guidelines.
The ICO will be open to investors from the US, UK and Canada primarily.
For more information about responsible investment, check our most recent Guide To Successfully Investing In Altcoins and ICOs.