Kodak announces its own KODAKCoin cryptocurrency and its shares soar 125%

Kodak has decided to climb the wave of the block chain, and has announced the launch of KODAKCoin, its own cryptocurrency focused on photography. The objective is to help photographers and agencies to have greater control in the management of image rights, something for which they have also presented the KODAKOne image rights management platform.

For this blockchain jump, Kodak has partnered with Wenn Digital, a company specialized in the development of this type of solutions. The photographic company will launch all this infrastructure through an ICO on January 31, and after learning the news their actions have grown by 44%.

"For many in the technology industry, 'blockchain' and 'cryptocurrencies' are buzzwords, but for photographers who have struggled to exercise control over their work and how it is used, these words are the key to solving what seemed like a problem impossible to solve, "said Jeff Clarke, CEO of Kodak, in the press release.

As both companies have explained, KODAKOne will use the chain of blocks, and it will be an encrypted and digital photographic platform. Photographers can use it to register and license their photographs in it, and payments for the sale of their work will be made immediately through the KODAKCoins.

In addition, the Kodak platform will perform continuous web crawls to monitor and protect the use of the images registered in it. They do not specify what they will do when they detect this misuse, but they do say that the platform will be able to manage the post-licensing process quickly to reward users.