Is Kodak Gambling with Cryptocurrency?

Portrait woman with M.S. / Multiple Sclerosis diagnosis.

A while age I published an article here, about Eastman Kodak, who was entering the blockchain / cryptocurrency hype … To service photographers and the photo industry, they would establish a world wide copy right register, so photographers could be payed in cryptocurrencies. As the New York Times stated in his January 30, 2018 article: “This month, Kodak lent its name to a digital currency called KodakCoin, which is billed as “a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.” The basic idea behind KodakCoin is to use the blockchain to help photographers manage their collections by creating permanent, immutable records of ownership. The company also struck a licensing deal for a Bitcoin-mining computer called the Kodak KashMiner, which allows users to generate their own cryptocurrency. Kodak’s stock rose more than 200 percent following the announcements, and has not fallen much since.”

Although the idea is initially a good one, and it might benefit the market and individual photographers, some questions were raised about the details of the program … Turns out it isn’t even a full Kodak project at all … Kodak has just a couple of percent share in the project, which is initialized by a somewhat vague, penny stock entrepreneur, Mr. Cameron Chell … In the New York Times article a couple of interesting questions were raised, unfortunately remaining without any satisfactory answers by Kodak  and the people involved … And these are not the only valid remarks, that raise eyebrows and remain unsolved for now …

This sincerely diminishes my enthusiasm about the Eastman Kodak project, and blockchain technology in general … It just doesn’t seem trustworthy anymore … At least not in this, specific case …

Interested in forming your own opinion? Read the article on NY Times here!!