HOME OF a million boring nights looking at other people’s holiday photos, Eastman Kodak, has announced that it is the latest company to embrace cryptocurrency causing shares to go through the roof.
Although it licensed a smartphone last year, the company has never really found its feet since photography went digital, and the decision to enter a sideline of coin mining could see the glory days return for the 130-year-old company.
KodakCoin is specifically designed as a mechanism for photographers to licence their work and be paid for it, explained the company.
CNBC reports that shares in Kodak more than doubled on Tuesday, closing at $6.80.
They’re not the first company to ride the crypto wave to change their fortunes. The Long Island Iced Tea Company recently changed its name to Long Blockchain and its stock price tripled in 24 hours.
The new currency, which has been developed with Wenn Digital, will initially be offered to accredited investors from 31 January in the UK, US, Canada and Others.
“Kodak has always sought to democratise photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that,” said Kodak CEO Jeff Clarke.
Cryptocurrency and Blockchain have seen a massive surge in public interest (though not always complete mechanical understanding) since Bitcoin started to surge in value making some casual investors who had bought a few when it launched a decade ago, into overnight millionaires.
Indeed, the shadowy founder of Bitcoin, Satoshi Nakamoto (who may or may not be a composite, a woman, Elon Musk, fictitious, a secret AI with sentience, Joanna Lumley or any combination of the above) is now one of the 50 richest people in the world, though it’s understood that he/she/it/they haven’t touched their stash since 2009.
Earlier this week we reported on John McAfee’s admission that he used crypto to pay for drugs, porn and hookers.
Meanwhile, back at Kodak, the KodakOne site which covers both the currency itself and the rights issues arising, can also search the web for unauthorised use of a photographer’s work which could mean we see a lot more in the way of takedown orders from people who don’t understand how photo licencing works.
INQ ventures that this could also be applied to the music industry and we might see a Blockchain version of the Performing Rights Society in due course. µ
Source : Inquirer