KODAKCoin, the cryptocurrency which bears the name of the famous photography brand, has announced a new partnership deal that will allow photographs from NBA and NHL games to be stored on the blockchain.
The cryptocurrency, which is currently running its initial coin offering (ICO), was set up specifically to handle the storage of digital rights through its KODAKOne platform, which will allow photographers and fans to commit images from sporting events to the blockchain.
The new deal between WENN Digital, the company behind the KODAKCoin, and Oak View Group which controls a number of sporting venues, was announced earlier this week, and will cover six major arenas, including the San Antonio Spurs’ AT&T Center.
WENN Digital’s CEO, Jan Denecke, said that the platform would provide a creative outlet for early adopters in documenting great sporting moments.
“We want to introduce the KODAKOne Platform to a creative audience that we believe will both benefit from its functionality and serve as early adopters…[the project will focus on] paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”
Photographers and audience members will be able to register on the platform and upload their images, with the KODAKCoin allowing for transactions based on images stored within the blockchain.
The encrypted nature of the blockchain, coupled with the immutability of records ascribed to it, means this will provide a total secure environment for handling digital asset rights over the images submitted by participants.
Like the technology underpinning bitcoin, the KODAKOne Platform will be powered by the blockchain, allowing for automatic rights protection, transactions, sharing and authentication.
Fans will be invited at each of the six arenas to take and upload their photos, in exchange for payment in KODAKCoin. There’s also the option for uploading video clips, on the same basis, in what the company hopes will become the next big thing for sharing fan-generated content.
With Oak View Group welcoming as many as 65 million visitors a year to its sporting venues, the agreement could well prove to be significant for KODAKCoin and their KODAKOne platform.