Kodak Wants to Create a Cryptocurrency and Gets Involved into Bitcoin Mining

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Kodak, last century’s symbolic company, has launched its own cryptocurrency named KodakCoin. The token will be launched by an ICO for registered individuals and will be used in the KodakOne platform. The intention is to create a new platform for photographers and their works.

KodakCoin – Kodak’s Last Invention

Several enterprises are starting to change their names to something more similar to Blockchain. There are cases in which the different businesses add the word ‘Blockchain’ to their brand names and their stock price surges immediately after it. Kodak may be doing the same by issuing its new cryptocurrency dubbed KodakCoin. Telegram has also announced the creation of an Initial Coin Offering (ICO) and a cryptocurrency for its users.

Kodak

KodakCoin is the virtual currency that will be used in the KodakOne platform. Photographers will be able to upload their works, license the images and search in the web in case there us an unauthorized usage. Besides that, the platform will offer different products and services that will be able to be acquired with the KodakCoin.

When the company announced the creation of this cryptocurrency, its shares doubled in price. They closed at $6.80 and they were also trading 5.8 percent higher in the after-market. Among other enterprises that have used a similar strategy we can find the Bioptix or Long Island Iced Tea Corp.

Jeff Clarke, Kodak CEO, said in a statement:

“For many in the tech industry, ‘Blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who have long struggled to assert control over their work and how it is 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 artist. These technologies give the photography community an innovative and easy way to do just that.”

During the last years, Kodak has been losing an important market that owned during the 20^th century. The enterprise was not able to adapt to the new changes and the digital revolution that started to take place 20 years ago. With blockchain technology, Kodak is aiming to recover some presence in the markets and innovate with other industries.

Bitcoin Mining Sponsored by Kodak?

Kodak is selling a Bitcoin miner where you pay for a two year contract and “make a profit”. (*at current prices, Kodak gets half of all bitcoin you produce.) This is the dumbest shit I’ve ever seen at CES. pic.twitter.com/rbzECVEMn7

— Chris Hoffman (@chrisbhoffman) January 9, 2018

Apparently, Kodak started to sell a Bitcoin miner in which the owner needs to pay a two-year contract. In that way, Kodak gets half of the bitcoin produced by the miner. This was presented at the CES event taking part in Las Vegas. The Consumer Electronic Show (CES) is organized by the Consumer Technology Association it hosts new products and technologies in the electronics industry.

Image Courtesy of Pixabay