Kodak is joining the cryptocurrency frenzy with the launch of the Kodakcoin, "a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management."
Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. KODAK is inviting participating photographers to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work on a secure blockchain platform.
KODAKOne platform 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 initial coin offering will open on January 31, 2018 and is open to accredited investors from the U.S., UK, Canada and other select countries.
Kodak, whose name was once synonymous with photographic film, emerged from bankruptcy in 2013 after selling off most of its patents to companies including Apple and Microsoft. The company now focuses on digital photography and printing, as well as licensing agreements.