Shares of Eastman Kodak more than doubled after the company waded into the digital-currency world with plans to launch an initial coin offering, media reports on Thursday said. Kodak had on Tuesday said the coin, KodakCoin, would be the backbone of a new platform that will help photographers license their work and track the unlicensed use of their images, Efe reported.
“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.
The coin uses the technology behind bitcoin, called blockchain, to keep a digital ledger of the photographs. In an initial coin offering, a firm creates its own bitcoin-like digital token and offers it publicly for sale. The token is usually designed to unlock some service on an online platform, like with Kodak’s project.