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Better Late than Never in $1 Million Payoff for KODAKOne’s Blockchain Entry

KODAKOne Better Late than Never Blockchain Entry Paid Off  million

Image rights management platform KODAKOne has revealed to Breaker Mag that the beta testing of its image rights Post Licensing Portal has generated over USD 1 million in licensing claims within a short period of the test.

The Kodak company filed for bankruptcy in 2012 when it struggled to keep up with the shifting technology landscape toward digital images. However, it found its way into the blockchain industry with the intent of creating a digital rights management platform for photographers.

About a year ago, Kodak CEO Jeff Clarke was quoted by news outlet Fortune as saying: “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.”

Back then, when the old business giant announced its entry into the blockchain industry, it rattled a lot of spectators as stocks soared by as much as 70% on the same day. This followed with criticisms describing the move and its partnership with RYDE (then WENN Digital) as cashing in on the blockchain and ICO hype. Some even called it a “last desperate bid for relevance”.

While it was true that Kodak hopped on the crypto-frenzy bandwagon in early 2018, the same can be said about them being partakers of the 2018 market downturn. However, a year later and KODAKOne looks like one among a few who stand true to their intent of making something tangible out of the blockchain.

Today, the story is different as they have both proofs of concept and value for their initiative. The platform is currently built on a hybrid infrastructure that leverages the Ethereum, Stella, and Hyperledger technologies. Still, small victories aren’t always conclusive in crypto world, as it’s only been a year, however, they may have made their way to some investors watchlist for the long term with this success story.

More importantly, perhaps it is too soon to call driving blockchain initiative a lost cause for startups and traditional businesses seeking rejuvenation.

KODAKOne co-founder Cam Chell also told Breaker Mag that in the future, the project “hopes to meld AI, cryptocurrency payments, and on-chain metadata to open up a potentially major new source of income for professional photographers, and maybe even amateurs”.

It is indeed safe to say that the bearish trend of the cryptocurrency market isn’t the entire story for 2018. There are startups digging their heels into refining their core processes, some have had to reevaluate their organizational structures in other to accommodate for the top performers. This goes on to prove that the value of the blockchain industry transcends speculation.

 

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