Kodak’s pivot to blockchain is coming into focus. The legacy camera brand announced a new blockchain-based document management system, at a two-day conference in Rochester, New York.
Unlike previous Kodak-blockchain announcements, Kodak Document Management Platform is not under license to a third-party and is an actual Kodak product.
The platform, launched under the name Kodak Services for Business, is intended for businesses and governments to store and manage sensitive documents. Kodak Document Management Platform relies on blockchain to provide efficiency and security, according to the company.
Kodak’s beginnings as an information solutions provider can be traced to a 2013 statement, which said the firm “has transformed into a technology company focused on imaging for business.” To that end, “Kodak serves customers with disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries.”
Taking that message and running with it in recent years, Kodak has embraced blockchain technologies or at least lent its name to companies involved in such schemes.
In January 2018, a third-party licensed the Kodak brand name for KODAKCoin, which was designed to work with a blockchain developed to track image copyrights online. Following the initial announcement, Kodak’s stock price jumped from $3.10 to a high of $13.28 the next day in heavy trading.
Between the project announcement and launch, polarized voices proclaimed the move as either a great reinvention for a 130-old firm, or just another scam. Ultimately, the currency was delayed-- a day before the planned ICO -- though the project is still under development with a scheduled July 1, 2019 launch.
“In light of the increased worldwide regulatory interest in ICOs, RYDE Holding, Inc. is taking the necessary measures to ensure that our offerings comply with all applicable securities and other laws,” the parent firm said.
Though the coin is not yet trading, RYDE Holdings in conjunction with ICOx Innovations has built the database of image rights under Eastman Kodak’s name. KODAKOne has reportedly generated more than $1 million in licensing claims -- while in beta -- by photographers who had monetized their work.
“Kodak is synonymous with trust and quality,” said Alejandro Castano from IKNO Colombia, in a statement.
Eastman Kodak’s current stock price is $2.30. Despite Kodak’s baptism by fire into the world of digital assets, smart contracts, and blockchain the company’s stock is up on announcement.
Kodak image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.