The photography firm Storied Kodak tries to remain relevant with the entry into the Cryptocurrency game. On Monday, the 130-year-old brand announced that it has implemented with KODAKCoin and KODAKOne as part of a Blockchain-based initiative that will allow “photographers and organizations more control over rights management”.
“For many in the technology industry, “Blockchain” and ”Cryptocurrencies” are hot buzzwords but for photographers who have struggled to control their work and how it is used to control those words, keys to the solution are a seemingly impossible problem. Kodak has always sought to democratize photography and make licenses for artists fair, and these technologies offer the photographic community an innovative and easy way to do so. “said Kodak CEO Jeff Clarke in a press release.
The new system allows photographers to get their work done and get paid faster after the license. In addition, the platform will scan the Internet for unauthorized use of a photographer’s work and manage the process after licensing to ensure that the photographer gets paid.
“By participating in a new platform, it’s important for photographers to know their work and their income to be managed securely and confidently, and that’s what we did with KODAKCoin. KODAKCoin aims to reward photographers for the highest standards and give them the opportunity to step into the ground floor of a new, custom-built business while securely managing embedded assets,” said Jan Denecke, CEO of Digital WENN.
According to the BBC, Kodak shares rose 120% shortly after announcing the launch of KODAKCoin and KODAKOne. This is, of course, good news for the photo company, whose stock market value has fallen more than 70% in recent years.
Kodak’s initial offer for parts will be open January 31 for investors in certain countries, including the United States, United Kingdom, and Canada.