Kodak announces its own cryptocurrency and watches stock price skyrocket

There’s a growing list of companies that have added language about blockchain or cryptocurrency into their names and mission statements, and it makes sense. Companies that do so see their stocks rise in value afterward. The latest company to jump on this trend is, unexpectedly, Kodak, which just launched its own KodakCoin, a cryptocurrency for photographers. As soon as the news was announced, Kodak’s stock (KODK) jumped up, and as of this writing, its stock price is $5.02, a 60 percent gain.

KodakCoins will work as tokens inside the new blockchain-powered KodakOne rights management platform. The platform will supposedly create a digital ledger of rights ownership that photographers can use to register and license new and old work. Both the platform and cryptocurrency are supposed to “empower photographers and agencies to take greater control in image rights management,” according to the press release. The digital currency is meant to create a new economy for photographers to receive payment and sell work on a secure platform.

Kodak CEO Jeff Clarke said in a press 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.”

There’s also a precedent for selling artwork or illustrations through blockchain technology, as the world saw with the Ethereum-based CryptoKitties. CryptoKitties features artwork drawn by Guilherme Twardowski, who drew every single cat and cat feature in the game.

But while Kodak’s proposed blockchain-powered platform and virtual coin sound good on paper, it’s not clear why the photography company needs to use blockchain to achieve its goals, rather than just create another social media platform instead. It appears that Kodak, like the other tea and vape companies that received media attention last month for making the abrupt leap to blockchain, could just be trying to capitalize on the current cryptocurrency mania.

KodakCoin’s initial coin offering opens on January 31st, under SEC guidelines as a security token, and it’s open to US, UK, Canadian, and other investors.

Comments

So, the coin itself seems silly, but the ledger for digital rights management for photographs is actually pretty interesting, especially for Kodak to play in the space.

But what exactly is the benefit of the Blockchain here? A simple database maintained and protected by Kodak would do the job

You have to trust that Kodak is honest and is really collecting licensing fees and distributing them correctly to all photographers, with blockchain, you don’t need a honest broker as all transactions are recorded, in the public domain and well for now impossible to change.

Yep, I think that’s it. Interesting idea, at least.

Nothing, they’re fitting a square peg into a round hole just to hop onto the blockchain buzz. Blockchain is an interesting technology but it’s value and use has been greatly exaggerated.

Relative to other ICOs, this one seems to make at least a modicum of sense. This allows for photographers to track their work and its licensed use. Even providing potential payment based on popularity, where using a photograph from the blockchain could grant a license, would be a great use case.

Not just that – there’s a massive space for managing rights/owned legitimacy of content/images/articles that could work with blockchain. It goes hand in hand with blockchain as identity verification toolset.

Yes because John Doe will install a wallet, transfer cash to an international account, buy this cripto, and pay the photographers to use a photography with a kitten, when today they just have to use their credit card…wich they don’t

I never really get comments like yours. If you think it’s an interesting technology you must at least have some basic level understanding of it right?

So its use to store hashes of professionally imagery on the blockchain to confirm and validate ownership of said imagery in a decentralized, incorruptible way is a more tangible and interesting use-case than 95% of the ICOs out there right now.

I’ll be more clear. It introduces needless complexity that will keep many less savvy users away and does nothing to solve the real problem with digital content rights management which is enforcement.

Pretty good breakdown of why it’s beneficial, specifically for creators: http://www.businessinsider.com/blockchains-promise-to-content-creators-2016-9

"For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for a relic of a bygone era who’ve long struggled to understand what to do now, these buzzwords are the keys to solving what felt like dead money in shareholders’ wallets."

It’s up 100% today, what the actual f—-

missed opportunity, should have been named "Kodacoin" like Kodachrome

Kodakoin

Exactly what I was thinking, much better name and brand integration.
And couldv’e got a Paul Simonesq song too
https://youtu.be/qrRRhoS3KFk

Kind of funny that a washed up company mentions blockchain/crypto and its stock increases over 100%, while a highly profitable business that is one of the leaders in blockchain (IBM) keeps struggling to stay level.

Stock market makes zero sense in relation to anything tech.

LOL what investors are sometimes interested in, is the prospect but it’s true that it generally makes no sense.

Next up: BellCoin (from Taco Bell)

Not Tacoin?

It’ll be too volatile, much like Taco Bell’s actual food.

GoPro, are you paying attention?

GoProin

How about using their most iconic product as inspiration instead?
HEROin

No, wait..

How would blockchain tech be applied here? I though blockchain was a way to keep a fraud-proof ledger of transactions. How does that stop someone from taking an online photograph and using it without paying royalties?

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