What’s Next for Kodak? Cryptocurrencies

Once upon a time, Eastman Kodak was riding high, becoming nearly synonymous with both film and photography. Unfortunately the new millennium has not been kind to the company, leading Kodak to file for Chapter 11 bankruptcy protection in 2012. However, as displayed at the recent Consumer Electronics Show in Las Vegas, the company has a new comeback strategy: blockchain.

Kodak says it plans to launch a new digital currency called KodakCoin. This coin will actually be part of a new platform known as KodakOne, which aims to help photographers manage their digital use rights using blockchain. As Kodak’s site explains, “The KodakOne image rights management platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform.” Royalties from this platform will then be paid in KodakCoin, with the company saying, “KodakCoin allows participating photographers to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and sell their work confidently on a secure blockchain platform.”

But that’s not all; Kodak apparently has another crypto trick up its sleeve. According to CNBC, Kodak’s CES booth was also displaying a Bitcoin mining machine it intends to lease out.  Dubbed the “KashMiner,” the device was created by Spotlite who is licensing the Kodak name. The plan is to lease each machine for two years at a price of $3,400 plus half the profits made from mining coin. By Kodak’s estimates, the machine will result in a $375 per month ($9,000 over the two years) profit for users. However, that figure is being criticized by many due to the volatility of Bitcoin, the increase in mining, and several other factors. Despite these concerns, Kodak’s stock price has more than tripled since announcing KodakOne, KodakCoin, and the KashMiner at CES.

With few details to speak of just yet, it’s hard to say whether KodakCoin and KodakOne will be as successful as investors seem to expect. That said the application of blockchain technology in this case is quite interesting and coupling that with a cryptocurrency makes a lot of sense. As for the KashMiner, its prospects don’t seem as promising. Still, seeing a seemingly down and out company like Kodak set to rebound on the back of cryptocurrency and blockchain just shows how these technologies are making a major impact in the mainstream.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

AllWork Raises $4.9 Million From FINTOP Capital 

A FinTech focused on freelancer payroll has closed a significant early-round investment. This week, AllWork announced that it had raised a $4.8 million round. The Series A was led by Nashville-based FINTOP Capital with no other participants. As a result of the transaction, FINTOP's Chris Haley and Rick Holton will join AllWork's board of directors. Previously, AllWork closed a $3.8 million seed round in 2019, bringing their to-date funding total to $8.7...

Top 10 Personal Finance Articles of the Month — November 2022 

It’s time again for one of my favorite features here on Dyer News: a look at the top 10 personal finance articles of the month. Up first, we'll look at money in modern times and how inflation is impacting investments. Then, we'll look at some financial considerations. And finally we'll talk about simple pleasures, donating points and miles, and more. As usual, this month’s list includes a couple of Dyer...

U.S. Economy Added 263,000 Jobs in November 2022

Over the past several months, the United States economy has repeatedly offered mixed signals. Although gross domestic product results would suggest we're headed for a recession, the Federal Reserve has been forced to hike interest rates in a bid to slow inflation. Now, the latest figures also show that the economy continues to create jobs at a decent clip. According to the latest Bureau of Labor Statistics report, the U.S....