KodakONE – the developer of a blockchain-based image rights platform licensed by the Kodak photo industry giant – reportedly generated over $ 1 million in license fees for image rights during a limited beta test of his platform. The news was reported by the blockchain news source Breaker Mag on January 8th.
As previously reported by Cointelegraph, KodakONE's image rights management platform is a platform protected by copyright, monetization and distribution protected by blockchain. While the project is not managed by the same company Eastman Kodak, the brave industrial has made RYDE Holding (formerly Wenn Digital) official licensee of the brand.
When Kodak first announced its partnership with the then Wenn Digital, the company's shares rose to a maximum of $ 13.25, with viewers criticizing the move at the time as an attempt to cash out. ICO and the blockchain clamor.
RYDE, together with ICOx Innovations, oversaw the design and development of the KodakONE platform and its KodakCoin token. This is an ERC-20 token, which also uses stellar blockchain components as middleware. The KodakONE platform, meanwhile, uses a hybrid blockchain infrastructure with Ethereum, Stellar and Hyperledger technology.
This October, KodakOne launched its beta Post-Licensing Portal (PLP), which uses a smart web crawler and image recognition technology to allow rights holders to track their images and rights violations.
Artificial Intelligence (AI) technology enriches image data and can predict license value based on similar recorded images, with the platform also allowing holders of rights to retroactively grant use of the image , in an attempt to turn offenders into lawful clients.
According to Chell, of the $ 1 million turnover generated during the beta PLP, KodakONE will cash in about $ 400,000.
In the future, the platform aims to integrate the KodakCoin token for immediate licensing regulation, as well as implement smart contracts for large-scale licensing.
The co-founder of KodakONE, Cam Chell, told Breaker Mag that in the current photographic industry, even the professionals are able to collect the maximum license fees from 20 percent of the market, due to the prohibitive costs of manual management . By leveraging granular automation provided by smart contracts and blockchain, the platform aims to monetize the remaining 80 percent.
As reported, KodakCoin has been registered with the US Securities and Exchange Commission (SEC), using a tool called Simple Agreement for Future Tokens (SAFT), which limits the sale to accredited investors.