The Rochester, New York-based company now focuses on digital photography and printing, as well as licensing agreements.
Kodak notes that the KODAKOne platform will include constant web crawling to seek out images that are being used without rights. It is meant to be not only a new potential form of revenue, but aims to do so with through the usage of a more secure platform, so photographers can protect their work.
The initial coin offering (ICO) will open to investors on January 31. Announcement boosts stock price Kodak's (KODK) stock has shed nearly 70 percent of its value over the previous year but by Tuesday afternoon its price had surged 135 percent to $7.32.
Danielle Atkins, Vice President of Brand and Creative at Kodak, shared an image of Kodak CMO Steven Overman talking about the new cryptocurrency at CES 2018 in Las Vegas.
On Tuesday, Kodak launched the KodakOne service, a technology based on the KodakCoin cryptocurrency and created to let photographers get paid when their photos are used without a license. Aimed at photographers and agencies, the platform will utilize blockchain technology to register, track and license their work for secure distribution and protection of IP rights.
Named "KODAKCoin", the cryptocurrency would utilise blockchain technology to allow photographers to efficiently distribute, sell and profit from the rights to their images.
It's not the first company to cover itself in crypto-magic: The Long Island Iced Tea Company recently changed its name to Long Blockchain, tripling its stock price tripled in 24 hours. Firstly the requirement of the Kodak KashMiner service for miners to pay upfront would leave them liable for any loss should there be a crash in the bitcoin market. "These technologies give the photography community an innovative and easy way to do just that", said Kodak CEO Jeff Clarke.
Ever since Bitcoin and altcoins have started their epic bull run, several companies have started jumping on board of these cryptocurrencies and blockchain platforms. Soon after the news broke out yesterday, the price of Eastman Kodak shot by over 100% in just 24 hours.