Previously, Kodak has made a partnership with Wenn Digital. The joint venture, named as KODAKOne was mainly an image rights management platform. KODAKCoin will be also be a part of KODAKOne venture.The KODAKOne will be based on blockchain just like others cryptocurrencies like Bitcoin or others. Just for your info, blockchain is a technology which mainly empowers cryptocurrencies.
In the beginning only investors from US, UK, Canada and other selected countries will be able to buy KODAKCoin tokens. “This initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506(c) as an exempt offering,” spoker person of the company said.
Jeff Clarke, CEO of Kodak said in a statement, “For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who have long struggled to assert control over their work and how it is used, these buzzwords are the keys to solving what felt like an unsolvable problem”.
KODAKCoin can be used to trade for the image rights on the KODAKOne platform. Additionally KODAKOne will also offer “continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system,” the company said. KODAKOne platform will also detect the usage of unlicensed and will automatically manage post-licensing process to reward the photographers.
Interestingly, just after the announcement of KODAKCoin, the market share of Kodak rose 117%. In the NSE, price of Kodak stock share was closed at $6.80 where it was opened at $3.10.