Kodak launching image rights, cryptocurrency for photography
Rochester, N.Y. (WHAM/AP) - Kodak is getting into the image rights and photo-centered cryptocurrency market.
Kodak announced Tuesday that it will be partnering with WENN Digital to launch KODAKOne and KODAKCoin. KODAKOne is an image rights management platform for professional photographers to use. KODAKCoin is a cryptocurrency designed to empower photographers and agencies to take greater control in image rights management.
As the news broke Tuesday, Kodak stock shot up in value. Shares of Eastman Kodak Co. surged 35 percent to $4.17 in afternoon trading. The stock has been slumping over the last year, shedding more than 70 percent of its value.
The KODAKOne platform uses blockchain technology to create an encrypted digital ledger for photographers who want to manage the rights of their owned work. This will allow them to license new and previous work within the platform. The integration of KODAKCoin will allow photographers to be paid immediately for licensing their work in a secure fashion. Blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded.
If unlicensed usage of images is detected, the KODAKOne platform can compensate photographers in the post-licensing process.
“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,” said Kodak CEO Jeff Clarke. “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.”
Starting on January 31, the currency will be available for photographers to use and investors to take part in. More information can be found on the KODAKOne website.