Kodak share price doubles after announcing new blockchain initiatives

Galtero Lara
Enero 13, 2018

Thursday's negative start comes after the stock rose almost 250% in the two preceding sessions, after it launched a new blockchain-based image rights business, via a new partnership with WENN Digital.

But investors seem to have an insatiable demand for anything related to cryptocurrency at the moment, so the one-time icon jumping on the blockchain bandwagon send shares into a frenzy. Outstanding shares refer to a company's stock presently held by all its shareholders, counting share blocks held by institutional shareholders and restricted shares owned by the company's officers and insiders. Kodak is a 130-year-old company known for making photography products.

Kodak will be launching its own cryptocurrency called Kodakcoin. It specializes in blockchain development, copyright, data, and using AI to recognize photos and identify image-rights infringements.

The KodakOne Image Rights Management Platform and Kodak Coin offers photographers a new revenue stream and secure platform for protecting their work.

The company hopes that KODAKCoin will eventually be "the currency of choice for the new image economy". This system would also allow photographers to get paid more quickly.

Kodak chief executive Jeff Clarke touted the benefits of the new technology.

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According to Kodak, it wants photographers to use this advancement in technology to take advantage of a different licensing system.

The stock was last up 92 percent at $5.95 in midafternoon trading on the New York Stock Exchange, off an earlier high at $6.65. Accern also gave media coverage about the technology company an impact score of 46.6447592520176 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the company's share price in the next few days. It eliminates the need for a third party, where a transaction would only need to be done between both parties in order to be verified.

Kodak is the latest company to see its shares soar after publicizing plans to explore the world of bitcoin, blockchain and initial coin offerings. Like an initial public offering for a company on the stock market, investors are given the chance to purchase the cryptocurrency before it goes live. As Berkeley International Computer Science Institute researcher Nicholas Weaver noted, "The cost estimates are insanely wrong: Assumes no increase in mining rate, no power cost" (though the language does specify Kodak's partner Spotlite will cover most operational costs including electricity).

Recently, anything that involves cryptocurrency or blockchain technology is causing companies' stocks to rise. It has underperformed by 30.46% the S&P500.The move comes after 9 months positive chart setup for the $183.76M company.

The once-bankrupt company's stock nearly tripled on the news that it was also jumping on the blockchain bandwagon, but is now sinking once again, down 12% in trading Thursday.

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