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Kodak's co-creator remarks- KodakCoin was a terrible distraction

Feb 01, 2018 Posted /  6435 Views

Kodak's co-creator remarks- KodakCoin was a terrible distraction

When on Jan. 9 Kodak announced its latest venture to launch new cryptocurrency, the very next day its share prices skyrocketed to the moon high as public was already gripped in the cryptocurrency frenzy. The last two months of the year 2017 were spectacular for the virtual currencies. However, as January moved ahead, there were some dramatic incidents that grappled the market down and the last day of the January had the currency marked in red.

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Now, KodakCoin's co-creator had given the statement to the media that he wished if the Kodak’s stock would not have surged like this.

“It . . . caught everybody by surprise, internally,” said Cameron Chell, the entrepreneur and lead consultant on the KodakCoin project. “It's been a terrible distraction, and I really wish it didn't happen.”

Chell mentioned that the market reaction which came after the announcement was quite different as to what was expected and it completely redirected the public's perception from the real subject like how cryptocurrency works and what all things it can offer.

Kodak is not the first major company to dive in the field of cryptocurrency. Burger King in Russia lately announced a customer loyalty program based on cryptocurrencies. It allowed diners to collect tokens that they can trade or spend for free meals. Also, the beverage company Long Island Iced Tea changed its name to Long blockchain some months back to get instant share price surge. Even IBM and Maersk have also announced a joint venture that would use blockchain to streamline the global shipping industry and track the flow of goods as they move across borders.

However, these business plans have been under the critics scorn too from a great time as they remarked that these plans lack a transparency in the business plan as projects such as Long Blockchain can be evaluated as a tactful effort to grow the stock prices.

“They’re trying to capture the hype and mania surrounding blockchain right now and looking for quick paydays,” said Aaron Wright, founder of the Blockchain Project at Yeshiva University Cardozo School of Law.

However, Kodak has pressed that their use of blockchain technology is well-founded, and many experts who agree and there are some too who call it another scam. Nonetheless, largely there are analysts who acknowledged that KodakCoin's accompanying platform, KodakOne, could prove miraculously transforming for photography rights. Professional photographers usually see their work published without payment or permission online, and chasing after that money can be costly and legally troublesome. However, Kodak explained that the blockchain, which is a kind of digital public database whose information can not be easily manipulated, could provide a solution that forever links images with their rightful owners. In order to participate in this blockchain, photographers would first need to provide proof that they clicked the images they submit.

The KodakOne digital platform, Kodak says, will make it easier for photographers to sell their work and keep an eye on who has licensed their photos and how.

“Having a clear chain of custody of digital rights to an image that includes who took it, who bought it and with which rights, etc., has been a longstanding problem for professional photographers,” Stephan Goss, chief executive of the data monetization company Zeeto, wrote in a recent op-ed for Fortune. “And it just happens to be a problem that can be very elegantly solved on the blockchain.”

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Kodakcoin KodakCoin project Cameron Chell

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