Kodak’s cryptocurrency and blockchain announcement drives its shares up to 120%

The company which in recent years has not been among the market leaders, Kodak, has decided to take a step towards digital technologies, and quite ironically, they are exactly what hampered its development in the first place, if we remember how digital cameras replaced classic cameras. Kodak’s last quarter resulted in the loss of $54 million, as the press found out.

Now Kodak wants to be in trend as everybody speaks about cryptocurrency and even Long Island Tea renamed itself into Long Island Blockchain, gaining revenue from the price increase as a result. However, Kodak’s blockchain strategy is not so primitive: they describe a system with which any photographer can quickly prove his property rights on the photo he made, and others can buy the right to use this photo for a digital currency called KODAKCoin. If the platform indeed proves to be user-friendly, this could become a life jacket for a company in its current disastrous state in comparison to what we saw in the 1990s.

For now, the first result of this initiative is already visible: the market hype around cryptocurrency and blockchain has served Kodak very well, and the stock price of it has jumped from $3.10 to $6.80 (+119%).