Kodak announces its own cryptocurrency and sees shares rocket

Kodak announces its own cryptocurrency and sees shares rocket

Kodak and WENN Digital's new photography-based cryptocurrency and blockchain system are created to help photographers benefit monetarily in a world where images are shared and used online more liberally than ever before.

The smart contract associated with KODAKCoin will ensure that photographers receive payment immediately upon their work being licensed in addition to receiving a share of the overall platform revenue.

Photography industry icon Kodak is getting into the cryptocurrency game.

The exchange of money will get the added step of converting dollars, which can be spent anywhere, into "KODAKCoin", which can be spent nowhere outside of the KodakOne service. The blockchain technology will protect users and their work by constantly scanning the web for illegal use of the user's work and their IP address. As soon as the news was announced, Kodak's stock (KODK) jumped up, and as of this writing, its stock price is $5.02, a 60 percent gain.

The companies are launching blockchain technology with KodakOne and KodakCoin.

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Kodak's CEO says the move is less about joining bitcoin and other companies in a trending field and more about helping those in the photography industry take control of their work. Further, WENN Digital leverages the market position of its 30-year old subsidiary WENN Media, which works with approximately 2,500 professional photographers.

Today, on 9th January, 2018, Kodak announced a brand new partnership with WENN Digital for a blockchain-based platform that will aim at protecting photos and images, along with artists and photographers. There are no regulations over the creation and use of virtual currencies and the nature of the transactions make them hard to trace.

The initial KODAKCoin offering will open on January 31 and will be open to accredited investors from the U.S., UK, Canada, and other countries.

The film pioneer founded over a century ago has struggled to transform itself into an imaging software and technology company.

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