KODAK launches own cryptocurrency to empower photographers

Kodak and WENN Digital, in a licensing partnership, announced the launch of the KODAKOne image rights management platform and KODAKCoin. KODAKCoin is a photo-centric 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. This will enable photographers to register both new and archive work that they can then license within the platform.

With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale. Both professional and amateur photographers, will be able sell their work confidently 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 system. Where unlicensed usage of images is detected, the platform can efficiently manage the post-licensing process in order to reward photographers.

“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,” said Kodak CEO Jeff Clarke in a statement. “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.”

“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,” said WENN Digital CEO Jan Denecke in a statement. “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 will open on January 31, 2018 and is open to accredited investors from the U.S., UK, Canada and other select countries.

Hours after the announcement was made at the on going CES 2018, it is reported that the Kodak shares soared nearly by 120%.