Kodak and WENN Digital announced a new image rights management and protection platform, KODAKOne and its future currency, KODAKCoin.
There is no need to say that we all are aware of the fast growing cryptocurrency market and have already seen that companies know no limit to join it. Kodak, the company mostly known for its photography-related products, is one of these companies who have just turned their attention to this digital world.
The firm announced KODAKOne, at CES2018, in a licensing partnership with WENN Digital, an agency has a strategic relationship with the Deloitte Analytics Institute in Berlin and the Deloitte Blockchain Institute in Munich.
KODAK at CES 2018, Intro Video
According to the company’s press release, 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, by utilizing blockchain technology.
This new blockchain platform will be a new economic environment for photographers and agencies who aim to sell and license their work in a secure place, thanks to KodakCoin.
Kodak CEO Jeff Clarke said:
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.
From left to right, Wenn Digital marketing chief Bruce Elliott, Kodak CEO Jeff Clarke, and Wenn Digital CEO Jan Denecke.
Jan Denecke, WENN Digital CEO 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.
Subject to the highest standards of compliance, KODAKCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.
Kodak shared that the initial coin offering will open on 31th of January this year and be open to accredited investors from UK, Canada and the U.S. and it’s issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.
According to the data from Bloomberg, the shares rose $3.70, or 119 percent, to $6.80 as of 4:22 PM in New York, boosting Kodak’s market value to $289.5 million after ICO’s announcement.
It seems that KODAK’s target audience, who are photographers and agencies will adopt this cryptocurrency quicker since they are already having some problems with unlicensed image usage and Intellectual Property protection.