American technology company Kodak has reportedly launched its own blockchain-enable document management platform. According to Coindesk, the Kodak document management platform, which is known as Kodak Services for Business, is not under license to a third-party and actually is a Kodak product.
Kodak Services for Business is notably intended for businesses and governments to store and manage sensitive documents. The platform also relies on blockchain to provides the following:
- Protects assets
- Enables “unhackable” public record
- Distributes storage across locations
- Reduces time and cost of execution with smart contracts
- Offers paperless transaction
Kodak also reported:
“By sharing, replicating, and synchronizing the database among the members of our decentralized network, KODAK Services for Business records the exchange of assets or data among every participant in the network, verifying and ensuring the safety and security of your information.”
Types of transactions that can be done on the platform are:
- Contracts
- Asset Delivery
- Applications
Prior to launching this service, Kodak’s previous experience with blockchain technology, which includes a third-party licensing of Kodak’s KODAKCoin. In January 2018, Kodak announced it intended to enter the cryptocurrency world with its bespoke KODAKCoin. As previously reported, the idea was to use Blockchain technology to allow photographers to manage their work through a digital ledger of rights ownership. KODAKOne Platform, which was expected to launch a beta program in late 2018, was to provide an image marketplace where users can buy, sell and trade photos based on licensing terms and conditions. Cam Chell, chairman, co-founder and co-architect of KODAKOne Platform, revealed last year:
“By pairing blockchain technology with KODAKCoin Tokens, KODAKOne Platform will provide a licensing platform that enforces copyright compliance and tracks the usage of images – giving photographers more control over licensing, while at the same time creating a creative community and a comprehensive marketplace that meets all their image and related needs.”
TechCrunch reported that following the initial announcement of KODAKCoin, Kodak’s stock price jumped from $3.10 to a high of $13.28 the next day. Although KODAKCoin was delayed, it is scheduled to launch on July 1st.