Kodak to Develop Image Rights Platform Based on Blockchain Technology

As the digital craze maintains, canny organizations are clamoring to climb aboard the digital train destined for extra profits. Kodak is the modern organization to join the digital club with bulletins of its personal blockchain platform and digital currency.

Only a day once we read about Russian owned messaging platform Telegram starting its personal digital currency another huge name joins the fray. Digital is presently a warm potato and organizations are looking for a slice of the pie by getting onboard with the tech that everybody is speaking about. The a hundred thirty-year-old photo organization has been searching out a cash injection since its movie revival fell flat, and constructing a blockchain is as good a concept as any.

Kodak

New York-based Kodak has announced a partnership with Wenn Digital to expand an image rights platform known as KodakOne. This will run in tandem with a new photo-centric digital currency called KodakCoin. The coin will be designed as a bills platform for photographers to be paid immediately and securely through the blockchain when their pictures are offered online. Meanwhile, KodakOne will crawl the internet searching out image copyright violations. The idea is to create an encrypted distributed ledger of rights possession running on the Ethereum platform using smart contracts.

Kodak chief executive officer, Jeff Clarke, said:

“For lots within the tech business, blockchain and digital currency are hot buzzwords, but for photographers who’ve long struggled to assert manage over their work and the way it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.”

Kodak

The initial coin offering will be launched on January 31 but just open to approved traders from some nations such as the united states, United Kingdom, and Canada. It was a good day for Kodak shareholders as the price tripled within the hours after the statement. In line with NASDAQ stock within the Eastman Kodak organization surged from around three dollars to simply under 10000 in six hours. Presently Kodak stock is up over 190% proving that association with the world’s hottest tech now is excellent for organization coffers.

Whether the organization actually needs this technology and has a clear vision for its future or whether it was just a try to cash in at the modern trend in digital currency stays to be seen. What’s assured although is that more companies will follow in the coming weeks and months, digital fervor is at an all-time high.

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