Kodak embraces blockchain with rights management platform, payment token
Kodak and blockchain developer Wenn Digital have launched a licensing partnership for the KodakOne image rights management platform and KodakCoin, a photocentric cryptocurrency meant to allow photographers and agencies to take greater control of image rights management.
The KodakOne platform will use blockchain technology to create an encrypted, digital ledger of rights ownership. Photographers will be able to register both new and archival images for licensing within the platform, according to a press release.
With KodakCoin, participating photographers will have the option to participate in a new economy for photography, receiving payment immediately upon the sale of their work on a secure blockchain platform, the release said.
The KodakOne platform provides continual web crawling to monitor and protect the IP of registered images. When unlicensed use of images is detected, the platform can manage the post-licensing process in order to reward photographers.
"For many in the tech industry, 'blockchain' and 'cryptocurrency' are hot buzzwords, but for photographers who've long struggled to assert control over their work and how it's used, these buzzwords are the keys to solving what felt like an unsolvable problem," said Kodak CEO Jeff Clarke. "Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that."
"Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KodakCoin," said Wenn Digital CEO Jan Denecke. "Subject to the highest standards of compliance, KodakCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in."
An initial coin offering will open Jan. 31 to accredited investors in the U.S., U.K., Canada and other selected countries. The ICO is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.