Former photography giant Kodak has been in the news for the wrong reasons over the past few years. In 2013, the company filed for bankruptcy and has struggled to recover since then. Nowadays, Kodak mostly specializes in photo printing and image copyright but it used to be an industry leader in manufacturing cameras.
Kodak is making the headlines once again as it announced the launch of its own cryptocurrency, the KodakCoin, at the CES 2018 in Las Vegas. This digital currency will be centered around photography and will allow agencies and photographers to be in better control of their images and rights ownership. As with many other companies, Kodak is not simply just launching a currency. The American giant aims to use the blockchain technology to protect creators and their photographs. The images will be uploaded to a platform called KodakOne and individuals who wish to use them will have to pay royalties using KodakCoins. Furthermore, Kodak will be able to detect if the photograph is used online without consent and will request retribution to the author using the digital currency. The blockchain therefore allows Kodak to add a protection “tag” to the photograph and trace it. The company will carry out a token sale on January 31st.
In addition to launching a cryptocurrency, Kodak has released details about plans of adding bitcoin mining rigs to their headquarters in NY. Selected individuals will have the ability to “rent” mining power from the photography firm, a system that can be considered similar to cloud mining. Profits will be divided between the company and the mining clients. This project has been called the Kodak Kashminer. The company is definitely diving fully into the cryptocurrency market.
As a result of these announcements, the company’s stock price has increased by more than 100%. It gave Kodak a new boost that was well needed after 2013, and that could mark a renewal for 2018.
In the future, will we see an increasing number of big corporations and famous companies launch their own cryptocurrency to follow in bitcoin’s footsteps? It is certain that cryptocurrencies are discussed more and more each day and that larger firms want to join the excitement. Although this is a positive sign for cryptocurrencies and the road to mass adoption, one cannot help but ask: can too much overconfidence bring issues?
TLDR: American photography company Kodak announced its own cryptocurrency, the KodakCoin. The firm also released details about setting up bitcoin mining rigs in its headquarters. As a result of these announcements, the company’s stock price has increased by more than 100%.