- January 12, 2018
- Category: Bitcoin, Business, Cryptocurrency, Updates
Kodak is a company that you would be hard pressed to find someone that didn’t know about them. They have been around for decades and even in the age of the digital photo they have managed to be able to keep their stocks above water and their company flourishing. Like many older companies, Kodak however is now seeking to enter into the new market and really expand their potential.
Earlier this year Kodak announced that they too would be entering the world of the cryptocurrency with the KodakCoin. After this announcement stocks in the company took a swift 120% leap as people bought into the company before the cryptocurrency mining began. Kodak plans to team up with the London based Wenn Media Group to start working on their initial coin offering to get the ball rolling.
What is KodakCoin?
So what is KodakCoin? The photography giant claims that it will help photographers keep the rights to their own images and help them to control those rights. Though this is a new technology, Kodak is certain that they will be able to draw in new customers and to make their place in the cryptocurrency market. Kodak is one of the latest companies to jump on the bandwagon and try to embrace this new technology.
Much like the early 1990s when the internet was still small, Kodak is trying to make a name for itself before cryptocurrency really takes off so that they can stake their claim. Kodak has also announced that they will open what is called the KashMiner which will allow people to rent the capacity to mine cryptocurrency.
Mining for Kash
The process of mining involves the solving of complicated mathematical equations in order to verify transactions. The bitcoins that are generated from the mining operations will then be split between the customer and the business. The capacity for the first go around of processors in the KashMiner scheme have already sold out but you can still purchase stocks in the company before they launch their KodakCoin venture.
Helping Photographers Protect Their Rights
KodakCoin is set to help photographers keep rights to their photos by scanning the web for those photos that have been used without permission. The company will then step in and help to manage the process of either removing the images or setting up licenses to use them which would result in the use of KodakCoin to pay the photographer. These projects are still too young to decide if they are going to work or not but they do hold promise.
The world of digital image rights has long been faltering and many photographers must sit idly by while others profit from the use of their images illegally. With a big name like Kodak on their side, there is a potential for photographers to regain rights to their photos without having to put out thousands of dollars of their own money.
Cryptocurrency is still growing and analysts expect more and more large companies like Kodak to jump in and see just what they can do with this new technology.