KodakONE — the creator of a blockchain-based image rights platform authorized by Kodak — has reportedly made more than $1 million in licensing claims for image rights during a controlled beta test of its platform.
The news was reported by Breaker Mag the other day.
The KodakONE Image Rights Management Platform is an image copyright protection, monetization and distribution platform that is secured through blockchain. While the project is not led by the Eastman Kodak firm, the industry behemoth has given its blessings to RYDE Holding as an official brand licensee.
When Kodak first publicized its collaboration with then-Wenn Digital, the company’s shares soared to a high of $13.25, with industry commenters bashing the move during that time as a bid to profit from the hype generated by ICOs and blockchain.
RYDE, along with ICOx Innovations, has supervised the design and development of the KodakONE Platform and its KodakCoin token. The latter is an ERC-20 token, which also utilizes elements of the Stellar blockchain as middleware. The KodakONE platform, on the other hand, makes use a hybrid blockchain infrastructure with Ethereum, Stellar and Hyperledger technology.
Late last year, KodakOne introduced its beta Post-Licensing Portal (PLP), which uses a smart web crawler and image recognition technology to allow rights holders to monitor their images and rights infringements.
Artificial intelligence (AI) technology augments image data and can project licensing value based on identical registered images, with the platform letting rights holders to license image usage retroactively, in an effort to turn infringers into lawful clients.
According to Chell, of the $1 million in revenue that was made during the PLP beta, KodakONE will make an estimated $400,000.
The platform aims to incorporate the KodakCoin token for instant license settlement, as well as implement smart contracts for license management at scale.
KodakONE co-founder Cam Chell was quoted as saying that within the existing industry, even professionals manage to collect licensing fees from 20 percent of the market, due to the exorbitant costs of manual management. By leveraging the granular automation offered by smart contracts and blockchain, the platform aims to monetize the remaining 80 percent.
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