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10 January 2018, 01:28 | Austin Hogan
Kodak's pivot to crypto seems to be working out quite nicely
While Kodak may have been forgotten by some people due to the "smartphone era", the company is now entering what most technology companies can not get enough of, i.e. Blockchain and ICOs.
Blockchains have shown promise in being used to track the licensing, use, and sale of artistic works.
It has since emerged that the drinks company was facing the threat of being delisted from the stock market unless its market value could get above $35 million for 10 consecutive days.
Kodak is only the latest company to revive interest in itself and see its shares surge after making an announcement related to blockchain technology, the digital ledger behind cryptocurrencies including bitcoin and ether.
Kodak's CEO says the move is less about joining bitcoin and other companies in a trending field and more about helping those in the photography industry take control of their work.
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The partnership encompasses two prongs: KodakOne and KodakCoin. The blockchain technology will protect users and their work by constantly scanning the web for illegal use of the user's work and their IP address. There are no regulations over the creation and use of virtual currencies and the nature of the transactions make them hard to trace.
Kodak is a technology company focused on imaging. The site sells some works of art for more than $100,000, and it depends on its blockchain to collect payment and to offer a record of ownership.
On Tuesday, Kodak launched the KodakOne service, a technology based on the KodakCoin cryptocurrency and created to let photographers get paid when their photos are used without a license.
The coin will come into being via an Initial Coin Offering or ICO on January 18 for accredited investors in Canada, the US and elsewhere, but shares in the company immediately shot up on the news. When photographers license their images through KodakOne, they will be paid in KodakCoin. Companies establishing new blockchain-based systems commonly launch new cryptocurrencies to serve as a means of exchanging money within those systems.
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