The Kodak company is enjoying a tripling of their shares after announcing their plans to launch a new form of cryptocurrency that they are calling KodakCoin. Kodakcoin crypto photos finance innovation may be the move that puts the company back on solid footing.
Taking a well thought out risk
The Kodak company floundered when digital cameras, tablets and smartphones with amazing onboard cameras became the preferred methods for photo sharing. Kodak filed for bankruptcy in 2013. Because of their recognition that the world was turning to a digital arena, the executives decided that it was time to take the Kodak corporation in a new direction.
They set about to update their company image, focusing upon digital packaging and printing. Two main projects were the lifelines that the company embraced for setting the financial footing on more stable ground. KodakOne and KodakCoin projects were the hopes for recovering.
The cryptocurrency platform
The KodakOne project will shortly be launched by the company. It is a service for digital photographers who wish to track their rights and royalties. Kodak and Wenn Digital are collaborating though blockchain for the project.
KodakCoin will be used on a specific platform, and this may be the difference that distinguishes it from faltering systems such as Ethereum, Bitcoin and Ripple which are experiencing falling prices. The trickle down effect from South Korea, China and India's threats to place restrictions on bitcoin use, coupled with Facebook's ban on cryptocucrrency are believed to be the drivers behind the market slump.
Although the values seem to be lowering, Kodak is actually experiencing a huge increase in market price for shares after making the announcement. This shows that there is still hope for cryptocurrency and a definite interest in its potential in the photography industry to better control how their work is used.
Plans for expanding the services
Although the projects are just preparing to launch, Wenn Digital is already making plans to expand the service that the new partners have to offer photographers. Revenue share is one of the options that is on the table for consideration. This feature may be incorporated into the platform if it meets with approval.
Although there are strong indications that this is a good move for Kodak, there are some harsh critics rising to share their opinions. Some are even accusing Kodak of starting a new cryptocurrency scam.
Perhaps most damaging for Kodak's case is the fact that several of its board members purchased derivative securities a single day before they made the announcement. It seems that they're preparing for the revenue sharing well in advance of its launch.
Is it possible that this is Kodak's desperate bid to save the company or is it a legitimate enterprise? Only time will tell. In the meantime, photographers who stand to benefit from the potential protection of their intellectual property will have to decide whether they are willing to take the chance or wait and see what happens.