After so much excitement leading to Kodak’s planned launched of its $20 million KodakCoin which was slated for January 31st, 2018, the New York based imaging company announced at the last minute that it was postponing the much anticipated launch.
The company’s announcement of a delay in rolling out its cryptocurrency to the public left roughly 40,000 potential buyers that were waiting on the company’s “photo-centric cryptocurrency” confused.
The company’s stock, KODK is reported to have stumbled 13% after initially appreciating earlier by more than 200% during the run up to the failed launch of the much talked about KodakCoin ICO.
Analysts believe that having just come out of bankruptcy, Kodak must know that it will be a target of scrutiny by regulators. The SEC chairman Jay Clayton has made mention of companies that “shifted their business models to capitalize on the perceived promise of the distributed ledger technology”, which Kodak could just have been part of.
Amidst all the controversy going on, the KodakCoin is a project that all photographers are looking forward to as it serves as a solution for their industry.
“By using distributed ledger technology, photographers can register their prints and then proceed to license them out, paving the way for them to be paid for their work and catch anyone who violates the copyright,” says an industry insider.
Jeff Clarke, Chief of Kodak, in a statement with the Times stated that it was because of the lack of communication in the photography industry that led him to blockchain technology in the first place.