KODAK has given itself a boost of adrenaline with the announcement that is has invested in the creation of its own crypto-currency sending its share price north at a rapid rate.
Announced last week, the company will collaborate with WENN Digital to use cryptocurrency and blockchain in a new photo-centric platform that will provide photographers with copyright security.
The platform, KODAKOne, creates an encrypted digital ledger that will allow photographers to register and licence their work online as well as ensure secure payments through the partnership’s new cryptocurrency KODAKCoin. The group hopes that the technology will increase royalties and sales to the industry.
WENN Digital’s CEO, Jan Denecke, emphasised the importance of the new platform and payment system:
“Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin,” Denecke said.
The collaboration introduces a new age for the brand which was previously showcased as a prime example of traditional companies being disrupted after their bankruptcy in 2012. Following the announcement, not only have they regained relevance but their shares have doubled.
The partnership is the latest addition to a plethora of struggling companies finding a safety net in incorporating blockchain into their strategies and marketing.
A good example of this is a company formerly known as ‘Long Island Iced Tea Corp.’ Long Island narrowly escaped being dissolved, however after renaming to Long Blockchain Corp., its stocks have now trippled. The group now engages with investors and partners to develop blockchain technology as well as still providing its traditional product, Ice Tea.
Similarly, a new digital currency initiative rolled out by the famed raunchy restaurant Hooters so its share price double.
While many companies are taking advantage of the hype of cryptocurrency to remain relevant, KODAK’s CEO, Jeff Clarke iterated the importance of this technology and how much of an impact it will have on the industry:
“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.”