Kodak announced today that it’s getting into the digital licensing and cryptocurrency market as part of a collaboration with WENN Digital. The two companies are launching blockchain – a ledger where transactions of digital currencies, like bitcoin, are recorded – technology with KodakOne and KodakCoin. The Kodak systems will enable photographers to easily register work that they can license and then receive payment. The company plans to launch the initial coin offering on January 31.
“Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KodakCoin,” said CEO Jeff Clarke. Kodak was founded by George Eastman and Henry A. Strong on September 4, 1888. During most of the 20th century, Kodak held a dominant position in photographic film. The company’s ubiquity was such that its “Kodak moment” tagline entered the common lexicon to describe a personal event that was demanded to be recorded for posterity. Kodak began to struggle financially in the late 1990s, as a result of the decline in sales of photographic film and its slowness in transitioning to digital photography.