What it is: Kodak announced they’re planning a new cryptocurrency called KodakCoin.
When Kodak announced they’re introducing a new cryptocurrency called KodakCoin, their stock immediately skyrocketed. This is the same reason why Hooters’ stock jumped just by announcing they’re using blockchain technology too. While there are plenty of useless cryptocurrencies out there and many companies are simply jumping on the blockchain bandwagon with now clue for how to use it profitably, Kodak might be an exception.
One of the biggest problems with photographers is that they take a picture and others easily copy and use it without permission or royalty payment. To avoid this, Kodak wants to use KodakCoin as a way to track photographs so photographers get paid for the use of their work. That alone is a huge and valid use for blockchain technology. It’s just a matter of whether Kodak can deliver on their promises. If so, photographers around the world will flock to KodakCoin if it means they can get paid for their work without having to track down copyright violators individually.
Kodak obviously needs blockchain technology and cryptocurrencies because their current business model is dying. Few people need film any more and people don’t think of Kodak either when they think of taking pictures with a smartphone. So Kodak either withers away or they embrace the future, and they’ve embraced the future in a unique and interesting way.
There’s still a huge chance that KodakCoin will flop, but unlike many cryptocurrencies that have no purpose behind them, KodakCoin at least has a valid problem they’re trying to solve. The only question is whether they can solve that problem or not. If not, KodakCoin will be worthless. If they can solve the problem of photography copyrights, then KodakCoin could be worth billions.
At least Kodak is willing to try anything because at this point, they have no choice. Perhaps one day Kodak can become a household name once more. Until that day comes, Kodak needs to do everything they can to avoid becoming the next Borders Bookstore, Blockbuster Video, or Radio Shack.