What’s Going On?
US-based Kodak announced plans to raise up to $50 million in a combined public and private token offering.
Why Does It Matter?
“Kodak’s last-ditch effort to remain relevant is underway!” reported Fast Company when news of the planned ICO broke this week. “The ordeal has similarities to the Long Island Iced Tea Corporation, which announced plans to rebrand as Long Island Blockchain. For what it’s worth, Kodak’s blockchain ambitions seem a little more believable than an iced tea company.”
The public offering will begin May 21st, reported CoinTelegraph.
Why Is Kodak Doing This?
Kodak has joined with Wenn Digital to create the blockchain-based system KODAKOne to protect copyright of images or photographs registered on the platform, reported Reuters. Kodak has a minority stake in Wenn Digital.
Kodak has been active in developing the blockchain platform with Wenn for some time and shares in the venerable photography company shot up in early January when it first announced its deal with Wenn Digital, but fell when the token offering was postponed.
“We believe that KODAKCoin tokens, combined with the KODAKOne image rights management platform, will provide a secure, transparent blockchain-based solution through which every license is documented by a ‘smart’ contract and royalty payments can be received instantaneously,” said the KODAKOne team.