Kodak’s Cryptocurrency Could Transform The Way Professional Photographers and Photography Companies Make Their Money

photo by Antonio Pascual Pedrero

VotoArt was created with a passion for helping photographers make money with their photos. Recently, Kodak has circulated some breaking news that could prove beneficial to professional photographers making a living through photography. In addition to reading this blog we also hope you will be an active part of our photography contests.

Kodak announces KodakCoin

As you may have heard, cryptocurrency is fast becoming the latest rave in the digital realm. Recent developments have proven that almost any company claiming some association with bitcoin or cryptocurrencies will see their share prices soar. That is exactly what happened to Kodak, the legendary photography firm, when it hopped on the cryptocurrency bandwagon this past Tuesday. That’s right , Kodak has announced it’s own “KodakCoin”.  Investors have wasted no time cashing in on this announcement. “The stock, which opened at $3.10 on Tuesday, soared by a staggering 147 percent to reach a high of $7.65 during market trading. It wasn’t over yet, though, as the stock continued to soar to a staggering peak of $10 in after-hours trading, more than triple the morning price” states an article by Rollie Williams

So what is all the excitement about?

As photographers, protecting our photography is a huge concern, and this announcement promises to be a huge step forward in this area. Kodak’s cryptocurrency called “KodakCoin” will  position Kodak as an agent, financial intermediary and banker for photographers. This will be unprecedented when compared to existing options with stock photography companies.

How will KodakCoin Work?

According to an article written by David Coker, the genesis of Kodak’s services will be ownership verification. Once a photograph is accepted by Kodak for management, a unique “hash” will be calculated. Effectively a fingerprint of the photograph, Kodak will be able to not only prove ownership but also scan the web for unauthorized usage. Even more exciting, not only can unauthorized usage of photographs be detected, but full negotiation and payment for the rights can be automated. This is accomplished by means of what are called “smart contracts”. Smart contracts are digital and essentially eliminate the need for human interaction, allowing Kodak to neatly undercut legacy service providers with their embedded cost structures.

Kodak CEO Jeff Clarke Says:

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.  Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

What Makes This So Important

The KodakCoin shouldn’t be viewed as a one-off.   Alternatively, it is yet just another sign that a significant revolution is underway.  All of this to say we see that there is hope for photographers to soon have a better way to profit from and protect their photography.

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