By One the world’s oldest legacy camera brands, Kodak’s foray into blockchain is coming to light as the brand recently announced its upcoming blockchain-based document management system. The news was revealed at a two-day conference in Rochester, New York.
As opposed to previous blockchain-related announcements from Kodak, Kodak Document Management Platform is not a third-party platform and is wholly owned by Kodak.
Launched under the name Kodak Services for Business, the platform is aimed at businesses and governments to store and manage documents of a sensitive nature. Kodak Document Management Platform relies on blockchain technology for efficiency and security as the announcement from the company.
Furthermore, Kodak also claims that its new platform will result in cost savings from 20% to 40% through automated workflow processes and a decrease in human management of information, documentation and content.
Kodak’s entry into the information solutions market began as early as 2013. In a statement released back then the firm stated that it “has transformed into a technology company focused on imaging for business.” Furthermore, “Kodak serves customers with disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries.”
In recent years, Kodak has embraced this new offering and began adopting blockchain tech, albeit in some cases by only lending its name to companies involved in the innovative, emerging tech.
Back in January 2018, a third-party company licensed the Kodak name for KODAKCoin, which was created to work upon a blockchain to track image copyrights on the web. As a result of the original announcement, Kodak’s stock price spiked from $3.10 to a high of $13.28 the next day in substantial trading.
However, in the time from initial announcement to launch, many sceptical voices called the move a possible scam. As a result, the currency was delayed, a mere day before the planned ICO, but the project still remains under development with a launch scheduled for July 1st 2019.
Kodak’s parent firm stated:
“In light of the increased worldwide regulatory interest in ICOs, RYDE Holding, Inc. is taking the necessary measures to ensure that our offerings comply with all applicable securities and other laws.”
Despite the coin not being available to trade yet, RYDE Holdings, in partnership with ICOx Innovations, has already created a database of image rights under Eastman Kodak’s name. To date, KODAKOne has reportedly generated as much as $1 million in licensing claims while still in beta testing by myriads of photographers who have monetized their work.
Alejandro Castano from IKNO Colombia stated:
“Kodak is synonymous with trust and quality.”
Currently, Eastman Kodak’s stock price is sitting at $2.30. Despite Kodak’s rocky entry into the world of blockchain, smart contracts and crypto, the company’s stock prices are up as a result of the most recent announcement.
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