Kodak creating KodakCoin, its own cryptocurrency system
11 Enero, 2018, 00:56 | Author: Arnold Perez
The company also detailed plans for installing rows of Bitcoin mining rigs at its headquarters in Rochester, New York. That announcement, made at the CES tech trade show in Las Vegas, also sees the USA firm licensing out its brand.
Stock prices for Eastman Kodak Co were up more than 100 percent on Tuesday afternoon as the company became the latest to jump on the cryptocurrency bandwagon. "Kodak has always sought to democratize photography and make licensing fair to artists".
Kodak is the latest major firm looking to take a stab at conquering the lucrative cryptocurrency market, with the release of KodakOne - an independent blockchain platform that will provide a secure method of digital rights management for photographers.
According to the Associated Press, blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded. "You can have crypto yen and dollars and stuff like that", Dimon said. This platform is backed up by KodakCoin, which will enable photographers to receive payment for licensing their work immediately upon sale within a secure blockchain environment. Kodak has developed an AI-driven image recognition algorithm, which has been tasked with monitoring the Internet to ensure that images registered within the platform aren't being unlawfully distributed. When unlicensed usage is detected, the platform manages the post-licensing process to reward photographers.
'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, ' CEO Jeff Clarke said. Kodak, whose name was once synonymous with photographic film, emerged from bankruptcy in 2013 after selling off most of its patents to companies including Apple Inc. and Microsoft Corp. "This initial Coin Offering is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering".
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