Kodak releases KodakCoin for KodakOne platform

Kodak has just announced launching its very own cryptocurrency, KodakCoin, which is intended to power Kodak's new platform, the KodakOne platform. Photographers will be able to register their images and license them for appropriate use. In response to the news, Kodak’s stock doubled and closed at $6.80 on Tuesday.
Kodak joins the list of companies that have re-branded themselves to benefit from the blockchain hype. Kodak has suffered from low sales in the past few years, due to the advent of digital photography. The products offered by Kodak  became obsolete, as the company was unable to cope with the changing technology industry. In an attempt to keep up with technology, Kodak has announced that it will be using blockchain technology in its latest product.

KodakCoin will power the latest product of Kodak, the KodakOne platform. The platform, developed in collaboration with Wenn Digital, will revolutionize the world of photography and solve important issues of copyright, which plagues photographers. By using KodakOne platform, photographers will be able to register their images and license them for appropriate use. They will also be able to search the web for unauthorized usage of their images.

Jeff Clarke, CEO of Kodak, explained:
“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."

Kodak isn’t the first one to use the blockchain technology to re-brand themselves. Recently, Long Island Iced Tea changed its name to Long Blockchain Corporation (LBC). There have recently been a number of companies that have re-branded themselves to benefit from the blockchain hype.

With the recent announcement, Kodak’s stock doubled overnight and closed at $6.80 on Tuesday. Kodak plans on holding an ICO for its token on January 31st and investors from US, Canada, and other nations will be welcomed to invest.
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