United States-based technology company Kodak has declared that it would be launching its own cryptocurrency.
Kodak also divulged that it would host an initial coin offering (ICO) at month’s end.
In an announcement made on its websote, Kodak said the cryptocurrency would underpin “an encrypted, digital ledger of rights ownership for photographers.”
Kodak is partnering with a firm called WENN Digital on the initiative.
The premise is that photographers could utilize Kodak’s upcoming blockchain to catalog works.
“KODAKCoin” would work as a medium of exchange on the platform.
Users can receive payment in the cryptocurrency as well as pay for rights, said the company.
The press release stated:
“Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform.
“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.
“KODAKOne platform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system. Where unlicensed usage of images is detected, the KODAKOne platform can efficiently manage the post-licensing process in order to reward photographers.”
Kodak Finally Shows Interest in Tech
The unveiling marks the first time Kodak has publicized its interest in the technology.
Kodak CEO Jeff Clarke said in a statement:
“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.
“Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
At the moment, it’s vague how much Kodak wants to seek through the ICO, but the company said that the token sale – slated for Jan. 31 – would be for accredited investors from countries including the U.S. and Canada.
“This initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering,” Kodak announced.
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