At CryptoLearningAcademy, we like to focus on education and awareness of not only cryptocurrencies, but the technology behind them. The biggest technology making waves in the fintech sector nowadays is blockchain technology. This technology, which utilizes a distributed ledger, has all sorts of implications for real-world applications and uses. Today, we’re looking at one of the larger companies implementing it, Kodak, and what they’re doing with the KODAKCoin.
What is Kodak Doing With Blockchain?
When we think about cryptocurrencies, we generally don’t think of older tech like a classic camera, but that’s exactly where this technology is being implemented. Though Kodak is known for making cameras long ago, the company is bringing the revolutionary nature of blockchain technology to their current system. Kodak is not just making old-school-cool classic cameras anymore. In the current economy, Kodak is working on bringing some of the cutting edge tech to the industry.
Announcing the release of the “KODAKCoin,” the camera company is bringing the tech to help artists and creators protect against copyright infringements. Remembering back to the IBM example of a blockchain helping verify the authenticity of products, Kodak is doing a similar thing. However, unlike IBM, Kodak is handling the authenticity of digital media.
Just like the use of blockchain technology in the management of supply chains, a distributed ledger is also able to assist in verifying the validity of digital products too. With the new system, creators ensure that their property isn’t being used without proper licencing and crediting. The platform, developed by Wenn Digital, is an image protection, monetization, and distribution platform called “KODAKOne.”
So What is ‘KODAKCoin’ Then?
KODAKCoin is the token used on the coming platform. The native token is used for things like purchasing usage rights, licensing fees, and everything else associated with visual content creation on the platform. Besides the usage on the platform, KODAKCoin is also going up for sale to investors.
Though originally planned for January, the KODAKCoin sale will begin on May 21st. Because of potential regulatory concerns, the team made the decision to delay the offering to have the legal questions ironed out.
According to chairman and co-founder of KODAKOne, Cam Chell said that at the company:
“We really took a step back and decided that we would ensure that all the T’s were crossed and I’s dotted before we embark on a public sale. We wanted to make sure that we got it right.”
With the unfortunate amount of red tape, the token sale is only available for “accredited investors.” In the US, that means that most crypto-enthusiasts won’t be participating. To avoid legal trouble, KODAKOne is releasing theKODAKCoin under a Simple Agreement for Future Tokens (SAFT) model, effectively cutting off access to most enthusiasts.
However, as with most tokens, there will be trading. For those interested in the platform and technology, most coins and tokens are trading after the token sale on exchanges. Next time, we’re going to take a look at the difference between an ICO and a SAFT. What are they? How are they different? How can I participate in one?
For now, that’s not an option. However, the coming change for Kodak is still huge for the crypto-world. As more companies adopt the technology, we see more growth. KODAKCoin is a perfect example of a token coming to market that actually serves a purpose. Now all we need is more companies to follow suit.