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KodakONE, a blockchain project licensed by Kodak, has announced beta tests that have recently led to more than $ 1 million in license fees for photo rights, reports BreakerMag. Just last year, the idea of this blockchain project seemed ridiculous for many commentators. However, the game seems to have paid off.
KodakONE is a blockchain-based copyright management platform, combined with its own cryptocurrency, KODAKCoin. Blockchain technology allows photographers and agencies to securely store their images in a way that allows them to monitor photo rights. Therefore, regardless of where the image is used or how it is modified, KodakONE will be able to determine if it has been obtained legally.
Photographers always have problems with the collection of license fees. According to Cam Chell, co-founder of KodakONE, professionals struggle to collect more than a fifth of what they owe, while the rest is not allowed. Chell argues that 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 retain about 40% of the $ 1 million obtained during the beta Post-Licensing Portal.
