Kodak Unveils a New Document Management System Based On Blockchain Technology

During an event, the advantages of the blockchain technology were highlighted to streamline processes safely and store confidential information. The company seeks to create a platform that helps photographers monetize their work

Kodak Services for Business, the photographic industry company, maintains its interest in the base technology of cryptocurrencies. This company presented a document management platform based on blockchain that could help organizations achieve savings of up to 40% in production costs, by improving productivity and avoiding the loss of information.

This statement, which highlighted some of the advantages offered by blockchain technology to streamline and optimize processes, was announced during a two-day conference held in New York, according to the company in a press release recently published.

According to Kodak, this technology allows companies and governments to efficiently manage and keep confidential documents secure, as well as automating workflows and files to ensure that records can be accessed in real time. These characteristics would be functional in various development fields or in different types of industries, especially during the storage and handling of data.

During the event, other products meant to keep information protected were also shown. Among the tools of great utility and capacity that were presented is Scan Cloud, which allows users to process data wherever they are.

The creation of “smart cities”, taking advantage of different technologies, is another of the points discussed at the conference. The objective of these developments is to use the newest tools, including distributed ledger technology, to improve infrastructure and efficiency in the management of services in urban areas.

Following similar steps to Kodak last month, the Polish-British finance firm Billonwon a USD 2.1 million grant from the European Commission to promote the development of its own blockchain document management system.

The Benefits of Blockchain for Kodak

It is not the first time that Kodak refers to the advantages of blockchain technology. The company has used distributed ledger technology to establish databases before.

Also, the company recently partnered with RYDE Holding (a big data and AI-enabled image recognition platform, formerly Wenn Digital) to build a platform for image rights based on blockchain that would protect copyright and help photographers to monetize and distribute their work. The project was called KodakONE, a limited beta test that, allegedly, generated more than USD 1 million in image rights claims and that would work with Ethereum, Stellar and Hyperledger technology.

The interest of the company is not only in blockchain technology, but also in the development of digital assets. Kodak planned to launch its own token for instant license settlement, as well as the implementation of smart contracts for large-scale license management.

This asset would receive the name of KodakCOIN, an ERC-20 token (a technical standard used for smart contracts) that would use components of the block of chains. However, in February 2018, Kodak was forced to delay the launch to evaluate the status of potential investors; this was one day before the planned-initial offer of coins began.

The aspirations of the company are to monetize up to the remaining 80% that some photographers do not achieve to monetize by their own, given that, according to Cam Chell, Co-Founder of KodakONE, in the current photographic industry, even professionals can only collect the license rate of 20% of the market at most.

The Kodak developments promise to be at the forefront and take the photographic industry to a new technological era of promising and unknown advances.

By María Rodríguez