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Kodak reveals new image copyright system using blockchain

Wenn Digital, who has developed a blockchain image copyright system, is trying to raise $50m (£37m) in cooperation with Eastman Kodak Co in a token offering.

The company, in which Kodak has a minority stake, developed KODAKOne which is a blockchain-based system which seeks to protect the copyright of the images registered on the platform in cooperation with Kodak.

Read more: Kodak's cryptocurrency "launch" has sent shares tumbling

On 21 May the tokens, a cryptocurrency called KODAKCoin, will be on offer to the public with hopes of raising the $50m. It was originally scheduled to be released in January but was delayed due to regulatory issues.

Chairman and co-founder of KODAKOne Cam Chell told Reuters: “We really took a step back and decided that we would ensure that all T's were crossed and I's dotted before we embark on a public sale. We wanted to make sure we got it right.”

“I think $50 million is our sweet spot,” Chell continued.

A similar cryptocurrency, Filecoin, used the same offering strategy in August and September last year and ended up raising around $200m (£148m).

Read more: Kodak is hoping for snappy growth of its very own cryptocurrency: KODAKCoin

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