Rochester, NY—Eastman Kodak and WENN Digital announced a brand licensing relationship involving the KodakOne image rights protection platform. WENN will provide digital asset management and protection under the Kodak brand for photographers and image-related IP holders in the newly launched KodakOne platform.
Using blockchain technology, KodakOne will work with KodakCoin. KodakCoin is a photo-centric cryptocurrency developed to empower photographers and also agencies to take greater control in image rights management. The token will be the currency for KodakOne’s image economy.
The companies jointly announced: “Our image management platform, with its proprietary KodakCoin cryptocurrency, will make it significantly cheaper and faster to register, move and sell digital images. KodakOne offers a simple, transparent blockchain-based worldwide royalty accounting, licensing and payment system via its smart contract features.”
The KodakOne platform creates an encrypted, digital ledger of rights ownership for photographers to register both new and archived work. They can then license their creative endeavors within the KodakOne platform. Furthermore, KodakOne artificial intelligence technology streamlines the tasks of photo management, protection and distribution, to enable photographers to benefit from new income streams and receive payments faster.
In addition, with KodakCoin currency, participating photographers will be invited to take part in a new economy for photography and receive payment for licensing their work immediately upon sale. Moreover, for both professional and amateur photographers, the goal is to enable them to sell their work more confidently on a secure blockchain platform.
The idea here is to develop a sustainable, token-based community of the photographic supply chain—from photographers of all levels to rights holders, image buyers and image-related IP. “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,” said Jeff Clarke, Kodak’s CEO.
“Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
Registering images using the blockchain will not only give photographers proof of ownership but will also enable them to take advantage of all the services on the KodakOne platform. Member services include the following:
• Distribution. KodakOne is building a distribution platform for rights-cleared images where buyers (licensee) as well as licensors can buy and sell images based on the licensor’s terms and conditions.
• Post-licensing (legal enforcement). A continual web crawling seeks to protect the IP of its members. The platform also manages the post-licensing process if unlicensed usage is detected.
• Image tracking. Community members can track usage of their photos and use these insights for marketing.
• Instant payment. Smart contracting payments will be executed instantly as all payments will be made in KodakCoin.
• Image registration. The platform is designed to provide “immutable proof of ownership.” Every image transaction and license will be stored in KodakOne’s decentralized registry.
• Rights management. Every license is documented by a smart contract on the blockchain. This confirms the copyrights and licensing terms and conditions to the associated image(s).
• Transparent accounting. Members will receive royalty payments instantly via the smart accounting and reporting system. Community members won’t need a separate accounting system, as all royalty payments and accounting-related information is saved on the blockchain.
• Community marketplace. The KodakOne marketplace enables KodakCoin holders to buy, sell and book products and services with their coins. These may include flights, hotels, models, venues and studios. The marketplace will also create kickstarter opportunities for start-ups and service companies.
The initial KodakCoin offering will be held on January 31, 2018. It will be open to accredited investors from the U.S., UK, Canada and other select countries. Furthermore, the initial coin offering is being issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.
The Executive Team of KodakOne
WENN Digital, in partnership with Kodak, is the creator of the KodakOne platform and the KodakCoin cryptocurrency. The company is an experienced development and operations team. Moreover, it has expertise in proprietary blockchain development, big data, copyright law, AI-enabled image recognition and post-licensing monetization systems.
WENN Digital CEO Jan Denecke commented: “Engaging with a new platform, it is critical photographers know their work as well as their income is handled securely and with trust, which is exactly what we did with KodakCoin.
“Subject to the highest standards of compliance, KodakCoin is all about paying photographers fairly and also giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
Denecke is also the CEO of KodakOne.
Rounding out the new platform’s executive team are: Matthew Walker, president; Volker Brendel, CTO; Fabian Moritz, CFO; Philipp Köhn, COO; Owen Beiny, CRO; and Bruce Elliott, CMO.