Kodak is yet another company who has joined the cryptocurrency army. The photography company faced a collapse within the industry as digital imaging technology has taken over the market. They are approaching the blockchain phenomenon as a way to reconcile for their demise. They will be creating and launching their own coin, called KODAKCoin. This coin will focus on allowing photographers to have ownership for the photos that they take. Currently, photographers do not have complete image rights and it is easy for people to take and use their work without permission. With KODAKCoin, agencies and photographers can submit their images to a ledger and have them licensed to KODAKOne. KODAKOne is the blockchain platform and data storage for these photos. The Pre-ICO stage has already begun and a company in Canada has already purchased all of the coins. The ICO cycle will begin on January 31st and will be available to consumers.
Besides creating its own coin, Kodak is also looking to manufacture miners. KashMiner is the mining project they are working on, and is a Kodak brand mining rig. The machine will be on the market for $3,400 and they anticipate users to make around $375 a month in Bitcoins. However, Kodak is looking to lease these machines so the $3,400 will be toward the rental of a miner over the course of 2 years. Kodak will also be taking half of all the profits made by the investor after two years. All together the profits for an investor will be around $4,500. Analysts are wary about Kodak’s new blockchain technology and feel that it will be a flop. Nonetheless, Kodak’s stock price has gone up from $3.15 to $10.70.