The latest trend for companies trying to drum up interest: announcing plans to introduce blockchain into the business.
Eastman Kodak Co. became the latest to do so on Tuesday, when the company said it would begin a “major blockchain initiative.” Kodak intends to use digital ledgers to help photographers license their work and get paid for usage.
The stock rocketed 55% in active midday trade, after being down as much as 1.6% earlier in the session. That puts the stock, which closed at a record low of $3.05 as recently as Jan. 4, on track for its biggest one-day gain since the stock began trading in its current form in September 2013.
The company and WENN Digital announced Tuesday the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency.
For its part, Kodak acknowledged in its press release that blockchain, like cryptocurrency, is a “hot buzzword” right now, but CEO Jeff Clarke said that the technology will actually prove useful in the company’s case. “For photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” he said in the release.