Kodak’s pivot to blockchain is coming into focus as the legacy camera brand announced its new blockchain-based document management system at a two-day conference in Rochester, New York. Unlike previous Kodak-blockchain announcements, Kodak Document Management Platform is not under license to a third-party and is an actual Kodak product.
The platform, launched under the name Kodak Services for Business, is intended for businesses and governments to store and manage sensitive documents. Kodak Document Management Platform relies on blockchain to provide efficiency and security, according to the company.
The company also claims that the blockchain platform will lead to 20-40% cost savings through automated workflows and decreased human management of content, information, and documents.
Kodak’s beginnings as an information solutions provider can be traced to a 2013 statement, which said the firm “has transformed into a technology company focused on imaging for business.” To that end, “Kodak serves customers with disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries.”
Taking that message and running with it in recent years, Kodak has embraced blockchain technologies or at least lent its name to companies involved in such schemes.
In January 2018, a third-party licensed the Kodak brand name for KODAKCoin, which was designed to work with a blockchain developed to track image copyrights online. Following the initial announcement, Kodak’s stock price jumped from $3.10 to a high of $13.28 the next day in heavy trading.
Between the project announcement and launch, polarized voices proclaimed the move as either a great reinvention for a 130-old firm, or just another scam. Ultimately, the currency was delayed– a day before the planned ICO — though the project is still under development with a scheduled July 1, 2019 launch.
“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,” the parent firm said.
Though the coin is not yet trading, RYDE Holdings in conjunction with ICOx Innovations has built the database of image rights under Eastman Kodak’s name. KODAKOne has reportedly generated more than $1 million in licensing claims — while in beta — by photographers who had monetized their work.
“Kodak is synonymous with trust and quality,” said Alejandro Castano from IKNO Colombia, in a statement.
Eastman Kodak’s current stock price is $2.30. Despite Kodak’s baptism by fire into the world of digital assets, smart contracts, and blockchain the company’s stock is up on announcement. (Kodakcoin is still defunct.)
Kodak image via Shutterstock