When you think about cutting-edge blockchain technology, Kodak probably isn’t the first name that comes to mind. After all, the American company is more than a century old, and is most closely associated with a product (film) that’s about as modern as an eight-track tape. But that’s your grandfather’s Kodak, apparently, because yesterday the company took a big leap towards the cutting edge by announcing the launch of a new blockchain project, complete with its own cryptocurrency ICO.
The platform, which is called KODAKOne, is a blockchain-based image rights management system. Photographers will be able to register their work and license it through the platform, taking advantage of the security and fast transaction speeds that the blockchain can provide. Payment happens via – you guessed it – a new cryptocurrency called KODAKCoin. KODAKCoin will launch via ICO on January 31, but only accredited investors can participate in the sale.
Kodak says the KODAKOne system will also have a way of detecting unauthorized image use and resolving post-use licensing issues via the blockchain, although the company’s press release doesn’t offer any real detail on how that works. Images registered to KODAKOne will be immutably tied to their creators, though, so if nothing else the system will make it easy for photographers and illustrators to prove they’re the owners of their content if any disputes arise.
It’s certainly not the only content-rights-management blockchain play. In fact TRON, which we just reviewed the other day, promises a similar system that allows creators to prove ownership and seamlessly license content via the blockchain.
But even if Kodak’s project completely flops, it won’t be a total loss. In fact, it’s already a bit of a success, as news of the blockchain project sent Kodak’s stock (NYSE:KODK) soaring. As of this writing, it’s up more than 3x over the past twenty-four hours.
It’s the latest sign that Wall Street is embracing cryptocurrency, even if not every firm is interested in directly investing in blockchain products. Conventional firms that have announced blockchain projects over the past year have consistently seen stock bumps, although few have experienced gains as significant as Kodak’s impressive jump.
Kodak hasn’t released a white paper, but it promises a “lite paper” to those who sign up on the KODAKCoin official site. There’s also a separate official site for the KODAKOne platform.
