The technology-focused imaging company Kodak, which announced to launch cryptocurrency KODAKCoin for photographers this month, plans to launch the initial coin offering (ICO) of the currency in India in the next couple of years.
“India is a big opportunity for us since there’s a large photography community in India that we would like to target. We would look at launching in India in the next couple of years,” Matthew Walker, President of KodakOne, confirmed to the BusinessLine.
The KODAKCoin cryptocurrency, which will be the part of KODAKOne, plans to offer the service for photographers where they (registered photographers) get paid instantly and without much hassle for their original work.
The development will give a boost to the photography industry where the revenues are declining for photographers and they have no control over their IP and images anymore.
“They see their images going out being used over the web and they don’t end up earning from it. A large part of infringement and stealing photos and photographers have very little recourse,” said Walker.
With the cryptocurrency platform, KodakOne is trying to solve various problems such as distribution platform for photographers, marketplace and communities where photographers can buy whatever they need in order to live as a photographer.
As the cryptocurrency has surged in the past few months, there has been a rush to make to this industry.
Last week, Reliance Jio announced that it was planning to enter cryptocurrency market with JioCoin.
Besides launching its own virtual currency, Reliance Jio will leverage blockchain in areas of supply chain, logistics amongst others.
Blockchain is the technology behind cryptocurrencies such as Bitcoin, Litecoin, Ripple, and Ethereum amongst others.
Besides, when the companies are being lured by the cryptocurrency rise, different governments across the world are also issuing warnings against it.
Recently, the Indian government had asked consumers to be alert before investing in virtual currency like Bitcoin and compared it with notorious Ponzi schemes.
Last month, the world’s largest cryptocurrency trader South Korea banned its financial institutions in dealing with virtual currency such as bitcoin, litecoin, IOTA and others.