KodakONE, a blockchain project licensed by Kodak, has announced the beta tests they have conducted recently generated over $1 million in licensing claims for photo rights, reports BreakerMag. Just last year, the idea of this blockchain project sounded ludicrous to many commentators. However, the gamble seems to have paid off.
KodakONE is a blockchain-based copyrights management platform, paired up with their own cryptocurrency, KODAKCoin. Blockchain technology allows photographers and agencies to safely store their images in a way that allows them to track the photo’s rights. Thus, no matter where the image is used or how it is altered, KodakONE will be able to successfully establish whether it has been obtained legally.
Photographers always have problems with collecting licensing fees. According to Cam Chell, KodakONE co-founder, professionals struggle to collect more than a fifth of what they’re owed, while the rest goes unmonetised. Chell claims it is due to “the cost of human intervention, as opposed to being able to have this on the blockchain and use smart contracts.”
According to Chell, KodakOne will keep approximately 40 percent of the $1 million obtained during the Post-Licensing Portal beta.