Kodak announces blockchain and cryptocurrency initiative, stock surges 150 pct

Kodak announces blockchain and cryptocurrency initiative, stock surges 150 pct

Kodak, once a household name in photography, saw its shares soar nearly by 120% after it revealed plans to create its own cryptocurrency called the KodakCoin. The initial coin offering will open on January 31.

The ICO product being pitched is called the KodakONE image rights management platform, with the KodakCOIN as its underlying cryptocurrency.

Kodak also shared plans to develop Bitcoin mining rigs at its NY headquarters.

The fact that Kodak is now getting into a cryptocurrency and cutting edge blockchain technology really shows a major turn around in thinking.

Shares in Chanticleer Holdings, a Hooters franchisee, surged 50 percent after it announced it would be implementing a blokchain-based loyalty program. However, it is not clear how much Kodak seeks through this ICO. The scheme, named Kodak KashMiner, has been devised to cash in on Kodak's power generating plant at the Rochester headquarters. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all.

"At this time we have 80 miners, and we expect another 300 to arrive shortly. But the blockchain industry is not a bubble", Mikail said.

"It's a solid platform built on mathematics and it will survive".

Associated KodakOne software will be used to crawl the web and find pictures that have been used without permission. The platform will also scour the Internet to limit unauthorized use of a photographer's work, while also managing the post-licensing process in a bid to make sure the photographer is compensated properly. Kodak are hoping that KODAKOne and KODAKCoin will help democratise photography and make licensing fair to artists. "These technologies give the photography community an innovative way to do just that", he adds. Kodak filed for chapter 11 bankruptcy in 2012, and after showing little life on the stock market since then, shares in Eastman Kodak soared after the announcement Tuesday, and as of now, are up by more than 50 per cent. But there's no mechanism by which the blockchain could do that.

What do you think about this move from Kodak?

The US firm is still remembered for its push-button cameras from the 1980s and 1990s, before its fortunes dwindled with the rise of smartphones by the turn of the millennium.

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