Film firm clicks on blockchain

Kodak, which traces its roots to the early days of film-based photography, is getting into the digital licensing and cryptocurrency market as part of a partnership with Wenn Digital.

The companies are launching blockchain technology in the form of KodakOne and KodakCoin.

Blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded.

New York-based Kodak, founded in 1880, was once a giant in photography and film but filed for bankruptcy in 2012.

It emerged a much smaller company in 2013.

Kodak is the latest company to enter the cryptocurrency market as bitcoin makes gains.

Bitcoin traded has surged from less than US$1000 (NZ$1394) a year ago to more than US$14,000.

Recently, Long Island Iced Tea Corp said it plans to change its name to Long Blockchain Corp, as it wants to focus more on blockchain technology while continuing to make beverages.

The Kodak systems will allow photographers to register work that they can license and then receive payment.

The initial coin offering will open on January 31.

Shares of Eastman Kodak surged 42 per cent to US$4.40. The stock had been slumping over the past year, shedding more than 70 per cent of its value.

‘‘Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin,’’ said chief executive Jeff Clarke.

Kodak and others are entering the market as warnings grow over the riskiness of virtual currencies and the potential for a bubble.

There are no regulations over the creation and use of virtual currencies and the nature of the transactions makes them hard to trace. –AP