Is KODAKCoin a threat to leading leading cryptocurrency, bitcoin?
The short answer to the question above, is no. The longer answer, is definitely not! Afraid of missing the boat, Kodak, which filed for bankruptcy in 2012, has decided to jump on the cryptocurrency bandwagon. Amongst bitcoin, and 1384 plus other alt coins available, the new KODAKCoin, is "a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management". It was recently announced, along with the launch of the KODAKOne image rights management platform.
The result of a licencing partnership between Kodak and WENN Digital, whether the new cryptocurrency and platform will be successful, or fall the wayside, along with 90% of the other coins currently available is question that nobody can answer at this point. On the face of it, a platform, using blockchain technology, that creates an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform certainly sounds promising. If the uptake is significant, it opens up opportunities for both professional, emerging, and enthusiast photographers. The currency, KODAKCoin, will allow participants to receive payment for licensing their work immediately upon sale. Kodak says that the KODAKOne platform will provide continual web monitoring in order to protect the IP of the images registered in the KODAKOne system.
“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,” said Kodak CEO, Jeff Clarke. “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 annoucment has already had a massive impact on the 130-year-old company's share price with it tripling over the course of 24 hours, from US$3.13 to US$10.70. It seems mere mention of the magical words "blockchain" has an impressive impact of shareholder sentiment. Shares of drink company Long Island Iced Tea Corp. doubled after it changed its name to Long Blockchain Corp. in December.
The initial coin offering will open on 31 January and is open to accredited investors from the U.S., UK, Canada, and other select countries.
Back in June 2017, we poked fun at bitcoin. It was trading at around $3,200. It has since "gone to the moon", trading at an all time high of just under $27,000. Regardless of whether you think bitcoin is BS or a bonanza, if you;d bought then, and sold recently, you'd be lauighing all the way to the bank. Well, maybe not the bank . . . but you'd still be laughing.