The 130 year-old camera company has entered into a new business venture that benefits photographers.
Kodak has just announced that they have joined the increasing popular realm of cryptocurrency by announcing their Kodakcoin, the latest digital coin making waves online. The company has linked up with WENN Digital to launch the KODAKCoin and KODAKOne, which is primarily focused on empowering "photographers and agencies to take greater control in image rights management."
In a press release, Kodak CEO Jeff Clarke reveals that "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." Clarke goes on to note how "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."
This new system will allow photographers to register their work and receive payments much faster once they've been licensed. The platform will also scour the Internet to limit unauthorized use of a photographer's work, while also managing the post-licensing process in a bid to make sure the photographer is compensated properly.
WENN Digital's Jan Denecke reveals how "it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin," and how it is their shared mission with Kodak is all about "paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
Additionally, since it's announcement this morning, stocks in Kodak have risen 147 percent.