The storied camera company's stock jumped 130% on Tuesday after it said it was launching its own cryptocurrency and a platform that leverages blockchain.
The new currency will be called KODAKCoin, which the company said will empower photographers to take greater control over their images and the rights attached to them.
It's also launching an image rights management platform that leverages blockchain technology called KODAKOne, where photographers can register their work and license it to others.
“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 Kodak CEO Jeff Clarke.
He added: “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.”
Kodak is just the latest company to experiment with digital currencies. As the price of bitcoin has soared 1,300% in the course of the last year, many businesses have looked for a way to get in on the action in some way.