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Another cryptoCurrency is in the pipeline from the legendary camera maker, Kodak has decided to launch a cryptocurrency, especially for photographers. The initial coin offering (ICO) of the currency named KODAKCoin will open at the end of the month.
The currency which will be launched in partnership with Wenn Digital will be part of KODAKOne—an image rights management platform which is a joint project between these two firms.
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Kodak and Wenn Digital expect KODAKOne platform to “create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform,” utilising the blockchain technology. The blockchain is the technology which powers digital currencies like bitcoin and many others.
Using KODAKCoin, photographers will be able to trade the rights of the photograph in a “secure” way. Additionally, the KODAKOne platform will provide “continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system,” the company said.
The platform if detects any instance of unlicensed usage of images, it will manage the post-licensing process in order to reward photographers.
Sound awesome.
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You can bet your bottom dollar that prominent law firms and media companies will all position themselves to introduce their own crypto coins. This trend shall continue...
And more are coming...