Increasingly, we are seeing new big names join the blockchain and crypto race as no one wants to be left behind. Today, Kodak is the next big name to be launching their own blockchain related project with the creation of Kodak coin. It should be noted that Kodak was slow in joining the digital transformation which caused the company to lose a market where it was one of the top players in.
In a bid to have photographers license their work, receive payment and search for unauthorized usage, Kodak is offering its own coin, Kodakcoin that will power the company’s new kodakOne platform. This news saw its share price doubled with a 118% increase on Tuesday to $7.65 before closing at around $6.80.
It’s CEO Jeff Clark in a statement 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. Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
Kodak launching Kodakcoin does not make it the first company to see a share rise after attaching blockchain technology to its brand. This has yet again drawn the attention of some observers who now associate this practice to the dot-com days.