Published: Wed, January 10, 2018
Markets | By Noel Gibbs

Kodak announces its own cryptocurrency and sees shares rocket

Kodak announces its own cryptocurrency and sees shares rocket

Also on Tuesday, Inpixon surged 9 cents or 40 percent to 31 cents per share after the data analytics company announced it would adopt blockchain technology.

"Kodak has always sought to democratize photography and make licensing fair to artists".

Kodak's CEO says the move is less about joining bitcoin and other companies in a trending field and more about helping those in the photography industry take control of their work.

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The company's stock was trading $7.05 a share at press time, up $3.95, or 127.4%. That dovetails with one of the capabilities of blockchains; by design they can be used to track ownership of digital goods, including intellectual property rights. The blockchain technology will protect users and their work by constantly scanning the web for illegal use of the user's work and their IP address. When the crawler comes across unlicensed uses of images in its system, the service will help photographers get paid for their work. In partnership with Wenn Digital, Kodak on Tuesday announced the launch of the KodakOne image rights management platform and KodakCoin, a photo-centric cryptocurrency created to "empower photographers and agencies to take greater control in image rights management". Their ICO will begin on January 31, 2018, and is open to accredited investors from the U.S., U.K., Canada and other select countries.

Kodak, KODAKOne and KODAKCoin are trademarks of Eastman Kodak Company.

The stock was up 121pc at $6.80 on the New York Stock Exchange.

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With the price of Bitcoin, Litecoin, Ripple and other digital currencies skyrocketing, an eclectic mix of small, unrelated businesses has attempted to ride the wave of investor interest by teasing cryptocurrency pivots.

WENN Digital, in partnership with Kodak, is the creator of the KODAKOne platform and the KODAKCoin cryptocurrency.

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