Shares in camera company Kodak jumped more than 40 per cent today after the company announced its intention to launch its own cryptocurrency.
KODAKCoin will be a partnership between Kodak and Wenn Digital, with the aim of ensuring photographers get paid for their work.
Using a blockchain platform called KODAKOne, the project will keep a digital ledger of rights ownership for photographs. Participating photographers will then be able to receive immediate payment in the form of the cryptocurrency.
"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,” said Kodak CEO Jeff Clarke.
“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.”
Kodak's most recent filings show that revenue dipped to $303m in the third quarter, with total sales for the financial year so far lagging behind the previous period.
But the company is pushing ahead with a raft of new products, announcing several today to mark the beginning of the annual Consumer Electronics Show in Las Vegas.
Alongside KODAKCoin, today marked the announcement of a Kodak full body 3D scanner for making 3D-printed models of people. There was also an update on Kodak's latest 360-degree and virtual reality cameras.