130-year old photography company Kodak rocketed its stock prices this week by launching its own digital currency, KodakCoin.
Kodak is using blockchain technology to launch a new platform for digital photography. It will also launch its own “economy” for photographers to license and sell their work and receive payments.
New York-based Kodak will launch an ICO on January 31st in partnership with London-based Wenn Digital. It will support Kodak’s new photographer’s platform, called KODAKOne. Eventually, KODAKOne will develop into a global blockchain ledger of image right ownership for photographers to submit their work to. The platform will give photographers and agencies great control over image rights management.
KODAKOne software will constantly crawl the internet for unauthorized use of images registered on the platform and “manage the licensing process” so the photographer can be paid in Kodak’s own digital currency KODAKCoin.
Kodak confirm in their press release that their ICO will be issued under U.S SEC guidelines as a security token under Regulation 506 (c). Illustrating U.S regulators are beginning to make an impact in their regulation of ICO’s.
The US firm is not only stepping into blockchain technology and coin creation, but also digital currency mining. It has plans to turn redundant space and power supply at its Rochester, New York facility into a digital currency mining operation and rent out Kodak KashMiner machines for the public to easily mine Bitcoin themselves.
Kodak named Spotlite, a previous Kodak partner for marketing their LED lights, to run KashMiner. They estimate the mining rig boxes which consist of a CPU and cooling fans can earn a profit around $500 USD per month at Bitcoin’s current value. Renting the rigs carries an up-front cost to customers of $4,000 USD for two years. The customer must split mined coins with Kodak.
All KashMiner rigs have been allocated so far. Kodak expects more to arrive and say they have a high demand for the initiative already.
Kodak plans to also install mining rigs at their Rochester plant, taking advantage of on-site power generation which has had spare capacity since Kodak’s peak years of operation.