Kodak announces Intellectual Property initiative
Kodak announces initiative to allow subscribers to protect and receive compensation for use of images in which Intellectual Property exists using BlockChain technology.
Kodak today announced a partnership with WENN Digital to develop an encrypted digital ledger of ownership rights for photographers, using BlockChain technology. This is in response to the difficulties that photographers, and other rights holders, have in controlling the use of their rights, and receiving payment for the same, on the internet. The aim is to use BlockChain technology to create clear and permanent links between the image in which the right exists, and its creator. It will also be possible for users of the images to pay the rights holder using a digital currency known as KODAKCoin.
A BlockChain is a continuously growing list of securely linked records or blocks with a time stamp and transaction data linked to each block and the BlockChain is designed to be difficult or impossible to modify so as to provide a permanent digital record of transactions between two or more parties in a verifiable way. The BlockChain system is most commonly used to support digital currency processing such as bitcoin but its other potential uses are still in development with many enthusiastic supporters although there are those who are more sceptical of its long-term potential.