Eastman Kodak join cryptocraze with “KodakCoin”; shares uprise

kodak

An American technology company The Eatman Kodak Company, joins the crypto craze.


Earlier, several other companies also stepped into cryptocurrency business and had gained good profit.


Kodak uses blockchain technology to create a unique platform for digital photography with its own cryptocurrency “KodakCoin, partnered with Wenn Digital.  KodakCoin is a new economy for photographers to license their work, generate faster payments and search the internet for an unauthorized exercise of images.


Shares of Kodak reached as high as $7.65 before closing at $6.80, almost doubled.


The Eastman Kodak Company is an American technology company that produces imaging products with its historic basis on photography. Headquartered in Rochester, New York and founded in 1888, Kodak plans to hold ICO on Jan 31 for accredited investors.


“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.”


Blockchain is the backbone of Bitcoin that holds the network together. A distributed public ledger account that keeps record of every transaction made in the network. Further transactions are timestamped and verified by network miners.  


The technology not only supports bitcoin but also other currencies. Looking at the past record, blockchain technology has become a controversial way for firms to remake their images.


Long Island Iced Tea Corp. added “Blockchain” to its name in December and shares got doubled. Read more.. 


A similar story was featured b Bloomberg last year, where a Biotech company changed its name to Riot Blockchain and its stock surge. Read more.. 


Also on Tuesday, after the data analytics company announced it would adopt blockchain technology, Inpixon surged 9 cents or 40 percent to 31 cents per share.

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