A desperate brand following the collapse of the film industry in the photo market, Kodak had become the symbol of the company unable to face the digitalization of the market, the symbol of the company used before the hour. Since then, the policy of licencing à tout va de ses dirigeants had enough to leave doubt on the durability of one of the most famous American brands. Eureka, they found an unstoppable way out, creating a blockshine. Kodak has partnered with WENN Digital to create a blockchain dedicated to photographic rights management, create the KodakCoin and launch an ICO in the process.
Will we ever call that”blockchain-washing”? For a brand, however, to evoke the block chain in a conference or press release, to integrate it into its strategy in one way or another, is synonymous with an instant boost to the stock market price. The announcements made by Kodak at the ESC are no exception to this rule, since the share price simply doubled as soon as the idea of creating a Kodakcoin was revealed.
In addition to the much sought-after announcement effect at the start of CES, the KodakOne platform makes much more sense than the mound of licensed Kodak products as seen on the American stand. When online, this platform will allow photographers to record their images in this dedicated blockblock. The platform will manage their rights (it’s the activity of WENN Media), a market place to sell these productions and will even crawl the Web to check that the images bought on KodakOne are not unduly replicated. To attract miners to its block chine and, as an accessory, launch its ICO, the platform will beat its currency, the KodakCoin. In a second stage, this cryptomoney will also be used as a means of payment for photographers.
Kodak wants to attract miners with a revenue sharing business model
To attract miners to this future blockchain, the founders of KodakOne thought of everything, even providing a rig (a specialized calculator) to mine the KodakCoin. Again, this is a licensing with a specialist manufacturer, Spotlite. The economic model proposed by kodak is debated because this rig is proposed at $3,400 and then on the basis of a 2-year revenue sharing of KodakCoin mined. With revenues estimated by Kodak at $375 per month, this amounts to $9,000 in total. Given the current craze for cryptomonnaies, Kodak should have no difficulty in finding thousands of miners to generate KodakCoint. It remains to convince photographers to get on board the blockchain train. See you on February 1,2018 for the launch of the service.
“KODAK and WENN Digital Partner to Launch Major Blockchain Initiative and Cryptocurrency”, Press Release Kodak, 9 January 2018
“Eastman Kodak unveils cryptocurrency, stock doubles”, Reuters, 9 January 2018
“You can now rent a Kodak-branded bitcoin-mining rig – but you’ll have to hand over half of the profits you make”, BusinessInsider, 10 January 2018
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