KODAK have recently announced that the company will make its own cryptocurrency. What shall it mean and how shall it impact to entire world?
When I have read the news, the feeling that I had was Kodak is trying to fundraise from cryptocurrency investors and turnover its business as fraud does. However, Jeff Clarke, Kodak CEO, and the official twitter of KODAK have left that cryptocurrency by Kodak will be a new revenue stream and secured platform.
Wow, a platform? How come this can be happen?
The basis of Kodak One is to upload a picture to make a deal on the picture. There are various photographers in the photographer, and it is necessary to verify the prices and details of other photographs by each artist. All of this is now available through Support personnel, not automation. In such a situation, a gap occurs when a problem or a failure occurs.
If provided as a block chain, the payment process itself becomes a block chain. All of the attributes of the block chain are recorded. Since the recording is made, the correct amount is recorded in the distributed book. If an exception occurs or a fraud
occurs, the transaction will not be established.
The photographer will create an account and receive the payment in Kodak’s cryptocurrency right away, and on the user’s behalf, the transaction will be made directly to Kodak’s cryptocurrency. Especially, since the verification is done about the unauthorized use part, the unauthorized use profit that can not be taken now is paid to the photographer.
The ultimate problem is cashing, in which case you will have to cash in on the cryptographic exchange.
So, as a photographer, you can always see how many of your photos you’ve purchased in real time and how much you’ve earned. There is no need to wait for the settlement data or wait for the payment of the settlement fee this month. If someone wan
ts to manipulate these details, they must hack the equipment of all the diggers and traders involved in the Kodak One block chain.
If the price per unit of this platform is not lower than other stock photography services and the commission is cheaper, the advantage to the photographer is clear. It is even better if you find the unauthorized photographs and get the money. In addition, if the fee is small, the price paid by the buyer will be as low as that, which is good for the user.
Among the services we are accustomed
to use, the services involved in the process of making a payment have to invest a lot of money to make this settlement system very sophisticated, and there is not too much money to operate it. To cover the costs, they take away the ‘fees’. It is always difficult to build and operate because the money must go all the way. The proportion of commission increases as demanding.
However, Kodak does not need to establish and operate a settlement system. This is because the block chain replaces it. The owner of the settlement system and the operator who operates it are not the way they operate it, but they are operated by those who dig the KODAK coins, and they are paid a KODAK coin that corresponds to the fee. Of course, I do not know if Kodak would get a commission at all. The DB, which stores the photograph data of the photographers, and the various functions necessary to operate the coin service, will operate as a separate server from the block chain, so you will probably get a commission to cover this operating cost. This fee, however, will certainly be less than the fees paid by the companies that build and operate the settlement system.
To summarize, Kodak does not take the burden of building a new settlement platform and running it, but instead puts it on a new structure called a block chain. As the initial construction costs and subsequent operating costs are saved, the miners who have contributed to maintaining the block chain receive the Kodak coin in return. Fixed costs and maintenance costs are scattered, which is an attractive structure for companies that do not have big money right now. This is one of the advantages of the block chain technology, and the second-generation block chain, including Etherium, was the application of which it had been pursuing since its inception.
Not only the cost but also the marketing aspect. In this one-time announcement, Kodak’s long-standing brand changed its stature as a representative brand in the block chain. Of course, the stock price may fall again soon, but it is certain that it has attracted attention at that point anyway. At least half of it is a success, just as the press and experts will focus on the Kodak One platform at the end of January, at least when it comes to the heart of the block chain issue.
This article has been written based on South Korean Alternative Press Ddanzi.com
