The American tech company Kodak has announced the launching of its cryptocurrency with the further ICO at the end of January.
In its official announcement, the company states that the cryptocurrency would be based on the “encrypted digital register of the photographers’ ownership.” Kodak works on the initiative together with WENN Digital.
The idea is that photographers could use the future Kodak blockchain to register their works, and KODAKCoin would function as a means of exchange on the platform. Users will be able to receive payments in cryptocurrency and pay off with it for the right to use registered photos.
It’s the first time Kodak publicly shows its interest in the cryptocurrency technology. The company at the first place is known for its photo-based products. However, its bankruptcy and further recovery in 2013 caused the shift of Kodak’s focus to the printing and digital films.
Kodak CEO Jeff Clarke said in his statement:
For those involved in the technological spheres “blockchain” and “cryptocurrencies” are mainstream notions. For photographers, who strive to control their works and their usage, these fancy words are the key to the problem that was hard to solve earlier. Kodak has always tried to democratize photography and introduce an honest licensing for the artists. Modern technologies provide the photographers’ community with the innovative and simple way to do it.
It is yet unknown for how long Kodak is going to carry out ICO. The company has announced that token sale, planned for January 31, will be opened for accredited investors from the separate countries, including USA and Canada.
Market data show that Kodak has already received some benefit from its announcement. Kodak shares have grown fourfold, rising from $3.10 to $12.40 before stopping on $11.38 at the moment, as Google Data reflects.