Game Changer: Kodak Plans to Launch KodakCoin Cryptocurrency on ICOOn 31st January 2018, Kodak and Wenn Digital will be embarking on a mission to change the photography industry with the use of the very same technology and fundraising platform.
To-date, initial coin offerings have been launched by start-ups looking to develop blockchain technology to upgrade archaic processes in the interest of both businesses and consumers, whilst looking for a decentralized platform and a digital currency that sits away from the purview of governments and banks.
The world of photography is a maze when it comes to the licensing and registration of works and its KODAKOne’s intention to revamp the market and provide photographers with a piece of the pie, by providing a platform for photographers to, not only register and license new and archived works on the platform, but also receive payment for the licensing of works and have a platform for the sale of works that has certainly been restrictive to the growth of the industry in recent years.
KODAKOne platform will also the identify unlicensed use of images, ensuring that such images enter into the licensing process in order to reward the relevant photographers.
KODAKCoin will be the cryptocurrency and will be the payment method for agencies and photographers to buy and sell works stored on KODAKOne’s ledger and to make the fee payments in the licensing and registration process.
KODAK announced the partnership with WENN Digital and the planned Initial Coin Offering on 9th January 2018. Eastman KODAK Co’s share price surged 119.36% to $6.80 on the New York Stock Exchange upon Kodak’s announcement, with the returns more akin to a cryptocurrency move than that of a long-established stock listed on a long established stock exchange.
At the time of writing, the share price is up another 70% in the pre-market open, with the continued rally a clear indication of just how well the markets and investors have received the news and how well the KODAKOne ICO will likely perform at the end of January. While the KODAKOne platform will provide existing agencies and professional photographers with a platform to manage the licensing and registration of new and archived photography, the platform will also bring the market the amateur photographers and up-and-coming photographers looking to showcase their work in a bid to make a living from photography.
Payments will be made with KODAKCoins, replacing the use of fiat currency, which will make KODAKOne’s cryptocurrency the photographic community’s monetary unit of the future, taking the industry into the digital world, quite apt considering the fact that photography had transitioned to digital format many years ago.
With KODAK’s entry into the crypto world gripping the financial markets by storm, the planned Telegram ICO in March of this year is also another one for investors to look out for, with the ICO expected to be the largest ever. There is a distinct difference between the intentions of the two companies, however, with KODAK looking to revamp the photography industry, while Telegram is looking to deliver a decentralized global payment system, taking advantage of it’s more than 180m existing Telegram app users.
KODAK will certainly be the oldest company to-date to launch develop its own ICO, with Eastman KODAK established back in 1888. The announcement will likely lead to a domino effect and stock market investors may also begin to speculate on which companies will be next to announce blockchain tech that could deliver similar gains to those enjoyed by Eastman KODAK this week.