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Kodak announces blockchain and cryptocurrency initiative, stock surges 150 pct

Photo giant Kodak has announced its partnership with WENN Digital to launch a blockchain-powered image rights management platform and a cryptocurrency.

Kodak on Tuesday announced KODAKOne platform and KODAKCoin cryptocurrency, with the objective of offering photographers a new revenue stream and a secure platform for protecting their work.


According to the official release, 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.

KODAKCoin, on the other hand, will enable participation in the new economy for photography. Photographers will be able to sell their work confidently on a secure blockchain platform and receive payment for licensing their work immediately upon sale.

“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. “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.”

On January 31, Kodak will launch the initial coin offering (ICO) to accredited investors from the U.S., UK, Canada and other select countries.

The company’s stock skyrocketed on the news by 150 percent and is currently trading at $6.80 at the time of writing.

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