Participating photographers will then be able to receive immediate payment in the form of the cryptocurrency.
The camera giant's new KODAKOne image rights management platform utilizes blockchain technology in order to set up an encrypted digital ledger created to give photographers the ability to register and license their work within the platform. 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. "These technologies give the photography community an innovative and easy way to do just that", Clarke said.
KodakCoins will go on sale January 31 via a fundraising technique called an initial coin offering, through which the company will sell a set amount of coins. However, Kodak framed the move as being about more than profiting off a buzzword.More news: Pakistan expresses disappointment at U.S. aid cutoff
The film pioneer founded over a century ago has struggled to transform itself into an imaging software and technology company.
The exchange of money will get the added step of converting dollars, which can be spent anywhere, into "KODAKCoin", which can be spent nowhere outside of the KodakOne service. For additional information on Kodak, visit us at kodak.com, follow us on Twitter @Kodak, or like us on Facebook at Kodak.
The second part of the platform is KodakCoin, the cryptocurrency that Kodak has invented to develop a "new economy for photography". WENN Digital is an experienced development and operations team with deep expertise in proprietary blockchain development, big data, copyright law, AI-enabled image recognition and post licensing monetization systems. Further, WENN Digital leverages the market position of its 30-year old subsidiary WENN Media, which works with approximately 2,500 professional photographers. When photographers license their images through KodakOne, they will be paid in KodakCoin.