Kodak surges on cryptocurrency service to help photographers

CNET | 1/9/2018 | Stephen Shankland
KimmyPoo (Posted by) Level 3
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Eastman Kodak has gotten a lift after announcing an effort that uses the hot cryptocurrency technology to help photographers get paid.

The demise of the film camera industry didn't work out well at Kodak, but so far things are working out better with an effort to capitalize on another digital revolution: cryptocurrency.

Tuesday - Kodak - KodakOne - Service - Technology

On Tuesday, Kodak announced the KodakOne service, a technology based on the KodakCoin cryptocurrency and designed to let photographers get paid when their photos are used without a license. The service is actually run by Wenn Digital, an agency that represents many paparazzi, which licensed the Kodak name for the service.

Bitcoin, the founding member of the cryptocurrency craze, has exploded in value in recent months, and investors apparently like the sound of KodakCoin. Kodak's share price nearly doubled, to $6.02, in midday trading Tuesday.

KodakOne - Service - KodakCoin - Cryptocurrency - Foundation

The KodakOne service and KodakCoin uses a different cryptocurrency foundation, the Etherum Project's ether, which also has surged in value. The heart of the system is a technology called blockchain that photographers can use to establish ownership of their photos, but the service also registers copyright with the US government and pursues claims of infringement. Photographers get 60 percent of any proceeds, and Eastman Kodak and Wenn Digital split the remaining 40 percent, the companies said.

"The partnership between Kodak and Wenn has the opportunity to protect the digital rights of photographers at a time when digitization has taken away artists' abilities to make money," Kodak Chief Executive Jeff Clarke said at the CES technology show. "It does their monetization for them in a very easy, automated way."

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