Kodak launches KodakCoin cryptocurrency – and it’s not quite as stupid as it sounds

Kodak is the latest major firm looking to take a stab at conquering the lucrative cryptocurrency market, with the release of KodakOne – an independent blockchain platform that will provide a secure method of digital rights management for photographers.

The best way to look at KodakOne is as a direct competitor to popular image marketplace 500px. But instead of using traditional currencies – like GBP and USD – as a form of remuneration, Kodak’s platform adopts an all-new cryptocurrency, known as KodakCoin.

There’s more to KodakOne than a flashy in-house tender, though. Kodak has developed an AI-driven image recognition algorithm, which has been tasked with monitoring the Internet to ensure that images registered within the platform aren’t being unlawfully distributed.

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Built in partnership with British company WENN Digital, KodakOne – under Kodak’s wing – will start selling off KodakCoin as part of an Initial Coin Offering (ICO), the name assigned to the round where funds are raised for a new cryptocurrency venture, on January 31.

“Subject to the highest standards of compliance, KodakCoin 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,” WENN Digital CEO Jan Denecke commented in an official statement.

KodakOne is a relatively practical use of blockchain, to my mind – and it would appear a number of investors think so, too, as Kodak’s stock price spiked by 44% within an hour of it announcing the platform at CES 2018.

Do you think Kodak’s hit the nail on the head with KodakOne? Let us know over on Twitter @TrustedReviews.