Kodak Jumps Into Cryptocurrency, Offers New Way to Manage Image Rights
By Eastman Kodak (http://logos.wikia.com/wiki/Kodak) [Public domain or Public domain], via Wikimedia Commons
Well, I don't think anyone saw this coming...
Kodak hasn't exactly been the major player in photography of late as it once was. The move to digital photography is to blame for that.
But kudos to the folks at Kodak for continuing to innovate and develop new services that make their brand relevant for modern photographers.
If a Kodak cryptocurrency sounds ridiculous, I don't blame you for thinking so.
However, when you drill down into their new product, called KODAKCoin, you begin to see the potential value.
Essentially, KODAKCoin is just one part of Kodak's new KODAKOne platform.
According to the company, KODAKOne is
...a revolutionary new image rights management and protection platform secured in the blockchain that seamlessly registers, manages and monetizes creative assets for the photographic community.
In other words, using KODAKCoin allows photographers to take more control over image rights management by using KODAKCoin.
The new photo-centric cryptocurrency gives photographers an additional revenue stream while also offering a secure platform that helps protect their work from theft.
Not bad, right?
All you have to do is sign up for KODAKOne, register your photos to the service and to Kodak's new blockchain, and from there you can license your photos as you wish using the new platform.
Of course, any transactions that involve licensing images will be completed using KODAKCoin instead of regular currency.
By using this new cryptocurrency, Kodak believes that photographers will be able to sell their work more securely. Additionally, they'll be paid immediately upon the sale of an image.
Beyond that, KODAKOne has the ability to search the web and for any copies of copyrighted work of photographers that have registered for the service.
If an infringement is discovered, the KODAKOne system will help photographers through a post-licensing process to help them get paid for their work.
It seems that investors love this idea, too.
Upon announcement of the new service, Kodak's shares jumped from $3 per share to more than $5.50 per share at its peak.
For more details, check out the video above by Eric Rossi, and be sure to visit the KODAKOne website.