After seeing the bananas growing in digital tokens as Bananacoins, Kodak decided to jump into the cryptocurrency bandwagon.
Kodak, the photography company that went bankrupt after dragging its shoes amidst digital revolution, announced KODAKCoin for the benefits and empowerment of camera junkies. It was presented on the KODAKOne platform as, “photo-centric cryptocurrency to empower photographers and agencies to take greater control of image rights management.”
In this age of virtual currencies and digitalization, utilizing blockchain tech, the KODAKOne will create an encrypted, digital ledger of rights ownership for photographers where they can register both of their archive and new work in a licensed form within the platform. KODAKCoin will encourage the photographers to take part in the emerging economy for photography. They would be able to sell their work on a secure blockchain of the images registered in the KODAKOne system. This will also help to detect the misusage of licensed images by protecting the IP of registered images through continuous web crawling.
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,” says Kodak CEO Jeff Clarke.