Shares of Kodak, a camera company, increased by over 4percentnt today following the announcement of the company of its plan to launch its own cryptocurrency.
KODAKCoin is said to be a partnership between Wenn Digital and Kodak, with the intention of making sure that photographers get paid for their work.
With the use of a blockchain platform called the KODAKOne, the said project will maintain a digital ledger of rights ownership for photographs. The participating photographers will then be able to get immediate payment in the form of the cryptocurrency.
Jeff Clarke, the CEO of Kodak, stated: “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.
“Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
The most recent filings of Kodak revealed that revenue dropped to $303m during the third quarter, with the company’s total sales for the financial year lagging behind the previous period so far.
However, the company is advancing ahead with a series of new products, announcing several to mark the start of the annual Consumer Electronics Show in Las Vegas.
Today, alongside KODAKCoin, marked the announcement of a Kodak full body 3D scanner that will be used for making 3D-printed models of people. An update on the latest 360-degree and virtual reality cameras of Kodak was also made.