Blockchain Photography Rights Tracker Planned By Kodakbr>
Kodak, which was almost put out of business during the transition from film to digital photography, is now jumping on board the cryptocurrency train. The photography giant is trying to leverage the power of its legacy to create a “photo-centric cryptocurrency” that will “empower photographers and agencies to take greater control in image rights management.”
Created in conjunction with Wenn Digital, the new service uses blockchain technology to create the KodakOne platform, described as an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform.
The company plans an ICO starting January 31 to create KodakCoin, the token that will drive the platform. With KodakCoin, participating professional and amateur KodakOne provides continual web crawling in order to monitor and protect the IP of the images registered in the KodakOne system. Where unlicensed usage of images is detected, the KodakOne platform can efficiently manage the post-licensing process in order to reward photographers.
The ICO is open to accredited investors from the U.S., Canada and other countries. Kodak’s stock rose 44 percent on the news and is currently trading at $4.30, up $37.60 on the day.