Shares of Eastman Kodak Co. nearly doubled yesterday when the Rochester, N.Y., company announced a cryptocurrency aimed at photographers, called KodakCoin. While some companies have added “blockchain” as a supposed gimmick to boost share price – like this Long Island Ice Tea brand – but the press coverage has been remarkably forgiving.
Kodak is getting notice because digital rights management (DRM) is considered one of the benefits of cryptocurrencies. Jeff Clarke, Kodak CEO, noted in the announcement: “KodakCoin is all about paying photographers fairly and 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.”
Editor’s Note: Does anyone else find the name “KodakCoin” awkward? Wouldn’t a better name be “Kodacoin,” following “Kodacolor” or “Kodachrome” nomenclature?