Kodak has today announced a new blockchain technology service and platform entitled KODAKOne, through which photographers can register images before licensing them. The site has its own currency, KODAKCoin, which users will receive upon sale of their photos.
KODAKCoin is being billed as “a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.” It is intended 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. Both old and new photos will be accepted.
With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.
Shares in Eastman Kodak Co surged an impressive 35 percent to $4.17 following the announcement – a stark contrast to its value over the past year, which has dropped more than 70 percent.
What's more, the service will also conduct web searches in order to locate potential copyright infringements of any work uploaded to the system. Should violations be found, the service assists photographers with the post-licensing process to reclaim whatever financial compensation they may be owed.
CEO Jeff Clarke said: "Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin."
KODAKOne will be launching this week, with KODAKCoin beginning on January 31st, 2018. See more at the KODAKCoin website.