KODAK has declared the launch of a ‘photo-centric’ digital currency (cryptocurrency) to allow photographers to take back control of their image rights.
The formation of KodakCoin is a piece of an offer to construct a worldwide record of picture rights proprietorship for photographers and photograph agencies.
Stock prices for Eastman Kodak Co climbed more than 100 % on Tuesday evening on the back of the cryptographic money news.
Kodak is joining the cryptographic money upheaval after it was broadly brought down by its inability to abandon film and grasp advanced photography.
At CES 2018 in the USA, Kodak anounced that it was collaborating with WENN Digital to make KodakCoin and a picture rights management platform called KodakOne
The anouncement stated: “Using blockchain innovation, the KODAKOne platform will make an encoded, digital ledger of rights proprietorship for photographers to enlist both new and chronicle work that they would then be able to license inside the platform.
“With KODAKCoin, part taking photographers are welcome to take part in another economy for photography, get installment for authorizing their work instantly upon sale, and for both professional and amateur photographers, bid their work confidently on a protected blockchain platform.
“KODAKOne platform provides nonstop web crawling in order to monitor and secure the IP of the images registered in the KODAKOne framework.
“Where unlicensed utilization of images is recognized, the KODAKOne platform can proficiently deal with the post-licensing process keeping in mind the end goal to compensate photographers.”
Riding the flood of bitcoin’s fame, the Kodak’s crypto platform will permit photographers register to work and permit it for crypto payments.
The American innovation organization sees blockchain technology as a useful method to help take care of a long-standing issues confronting photographers.
Jeff Clarke Kodak CEO said:
“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.
“Kodak has constantly sought to democratize photography and make licensing reasonable for the artist. These advancements give the photography group an inventive and simple approach to do only that.”
“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 Jan Denecke CEO WENN Digital.
Subject to the most noteworthy measures of compliance, KODAKCoin is tied in with paying photographers reasonably and giving them a chance to get in on the ground floor of another economy customized for them, with secure resource or asset rights management built right in.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share