Kodak adopts the blockchain route in order to democratize photography and make licensing fair to artists.
It looks that after a long long time, the ‘Kodak moment’ is finally here! Eastman Kodak in a licensing partnership with WENN Digital has announced the launch of a new digital photography blockchain platform called KODAKOne and will have its own cryptocurrency known as the KodakCoin.
The website describes KODAKOne as a “new economy” for photographers in order to license their work and receive payments with the photo-centric cryptocurrency ‘KodakCoin’. This move will empower the photographers and agencies to have a better control over their content in image rights management.
As per the report from Business Wire, Kodak CEO Jeff Clarke said: “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.”
By utilizing the revolutionary blockchain technology, the KODAKOne platform aims to create an encrypted, digital ledger of rights ownership for photographers in order to register for both – new and archive work and can even license it within the platform.
KodakCoin will act as a medium for photographers to participate in this new economy wherein they can sell their work confidently on a secure blockchain and continue to receive payments against licensing their work immediately upon sale.
The KODAKOne platform is based on the blockchain technology and hence will offer all the security features of the blockchain. The platform is baked with a continuous web crawling that will monitor and protect the IP of images that are registered in the KODAKOne system. Whenever the system detects any unlicensed use of the images the KODAKOne platform will efficiently manage the post-licensing and reward the photographers.
This looks like a great initiative from Kodak in order to protect the merit of deserving photographers and assure that they are rewarded for their works by using the concept of blockchain technology and virtual digital currencies.
While commenting on this new development WENN Digital CEO Jan Denecke said: “Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin. Subject to the highest standards of compliance, KODAKCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
The Initial Coin Offering (ICO) by Kodak will open up on Jan 31st under the SEC guidelines as a security token. The ICO will be open to investors across U.K, U.S, Canada, and other countries. Soon after the news broke out yesterday, the price of Eastman Kodak shot by over 100% in just 24 hours. At the press time, Eastman Kodak is currently trading for $11.10 a 64% jump from yesterday as heaving buying is witnessed on this counter.