Kodak’s Cryptocurrency and Blockchain Announcement Drives Its Shares up to 120%
TechnologyBit News Today2 min read
Kodak, the iconic American technology company, made a cryptocurrency and blockchain announcement last Wednesday that sent its shares soaring. The company revealed plans for KodakCoin, a new cryptocurrency, and KodakOne, a photo-rights image registry that uses blockchain tech. This news instantly caused Kodak's stock price to spike by 120% in a single day. ## The announcement
On Wednesday, Kodak and its new partner WENN Digital announced that they were launching a new platform, KodakOne, which would enable photographers and agencies to manage the copyright and usage of their work. KodakOne would use blockchain technology to register, track, and license images.
At the same time, the companies revealed KodakCoin, a cryptocurrency that would incentivize photographers and agencies to share their work on the KodakOne platform. KodakCoin would be used for transactions on the platform, through a structure called a blockchain. This would allow photographers to sell their work and get paid very efficiently. ## Why the price went up
Kodak's announcement excited the cryptocurrency market, as the company's name recognition and cash reserves could help push its new KodakCoin cryptocurrency. Strategically, for a company with Kodak's history of successful branding, that could be a positive business development.
Additionally, this would appear to be a serious commercial blockchain application, and that also attracted a lot of interest from investors. Since blockchain technology has been widely hyped, but is still very young and finding its feet, Kodak's project represents an important step forward. ## Awaiting further details
The current information available about KodakOne and KodakCoin is limited. The companies have not released a detailed technical description, or a white paper. Further concerns for the project are Kodak's limited familiarity with blockchain and cryptocurrencies, and that the company's current business operations have not been too successful.
There will undoubtedly be more information to come out about the Kodak coin and blockchain project in the near future, so it is worth keeping an eye on this company's updates. It may be that Kodak is the first of a new wave of blockchain-based business models.
