DURBAN - Kodak has launched its own cryptocurrency called KodakCoin. The global company is currently collaborating with a company called, WENN Digital on the project.
WENN Digital specialises in proprietary blockchain development as well as post licensing monetisation systems.
The new cryptocurrency will work as tokens inside the new blockchain, which will be powered by the KodakOne rights management platform.
The platform will design a digital ledger of rights ownership which photographers will be able to utilise in order to register and license all their work.
The KodakCoin will operate as a means of exchange, in which users can get paid for their image rights in cryptocurrency.
According to press release issued this week, both the KodakOne and the KodakCoin will allow for greater control and image rights management for photographers and agencies.
CEO of Jeff Clarke said, "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."
When news of the cryptocurrency was announced, Kodak stock increased and it now sits at 3, 68 (117,60%).
There are quite a few other companies which have created their own cryptocurrencies.
Burger King Russia created their own called Whoppercoin. Customers in Russia can get one Whoppercoin for every ruble spent at Burger King.
The FansUnite site has a free virtual currency which allows users to place fantasy bets without any monetary risk. But in the near future the company wants to use the power of the Ethereum blockchain. The idea is that users will be able to place bets on sports using the FansUnite digital currency.
- BUSINESS REPORT ONLINE