Former film and camera heavyweight Kodak has announced the upcoming launch of its own cryptocurrency, dubbed KODAKCoin. An initial coin offering (ICO) is scheduled to open at the end of January.
With an official announcement on Tuesday, US-based Eastman Kodak revealed that KODAKCoin will be “a photo-centric cryptocurrency to empower photographers and agencies” to seize greater control of their work’s image rights.
KODAKCoin will function as a currency and the cryptographic token used to power KODAKOne, an upcoming blockchain platform that will allow photographers to register archived and new work on an encrypted digital ledger before licensing it within the platform. In essence, photographers can receive payments for selling their work, as well as pay for licensing rights with the cryptocurrency.
Aside from providing a new revenue stream to photographers, Kodak says its blockchain platform will engage in ‘continual web crawling’ to constantly monitor and protect the intellectual property of images registered on the platform.
https://www.ccn.com/kodak-blockchain-moment-brings-new-cryptocurrency-photographers/