Kodak, the company known for its photographic past, has announced the creation of a new cryptocurrency named KodakCoin. With this virtual currency the company wants to power the new platform launched by the company named KodakOne.
KodakOne and KodakCoin
When the company announced the creation of this cryptocurrency, the company shares surged and more than doubled. They closed on Tuesday at $6.8 dollars and were trading 5.8 percent higher in the after market.
Kodak’s CEO Jeff Clarke 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 is used, these buzzwords are the keys of 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.”
With the KodakOne platform, photographers around the world would be able to register their images, ask for a license and control that their pictures are not used without authorization in the web. KodakCoin will be the currency that will be used in the site to pay for most of products and services.
The new cryptocurrency and project will be financed by an ICO for accredited investors.
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Several companies are starting to add ‘Blockchain’ to their brand names or creating cryptocurrencies to use in a useless platform. For example, the Long Island Iced Tea company has changed its name to Long Blockchain. After it, its value increased five times.
In the past years, Kodak has been involved in a difficult situation. Kodak was one of the most recognized photography companies in the world during the last century. Unfortunately for the enterprise, it couldn’t adapt to the new century, and went bankrupt some years ago. At the moment, the CEO Clarke is doing everything as possible to give another life to this enterprise by linking it to the cryptocurrency world and to the blockchain technology.