Skeptics flay Kodak’s cryptocurrency


Kodak announced an initial cryptocurrency coin offering (ICO) on 9 January 2108, in an effort to apply blockchain technology to solve copyright issues faced by photographers. The news was followed by a considerable jump in the company’s stock, and keen interest from Kodak fans and industry insiders. Some even went out of their way to say that the move was a breakthrough for photographers’ copyrights and could lead to a blockchain solution for other forms of content, including text. When any kind of legal issues faced during this launch, it is better to consult with the cryptocurrency defense attorney who suggest measures on preventing this issue getting bigger and solving them as quickly as possible.

The kodakone site describes KodakOne as “a revolutionary new image rights management and protection platform secured in the blockchain that seamlessly registers, manages and monetizes creative assets for the photographic community. . . . Our mission is to create a sustainable, token-based community of the world’s photographic supply chain.”

However, the initial offering for the new cryptocurrency called KodakCoin, which was planned for 31 January 2018, has been delayed. The KodakCoin site implies that the delay is because of the verification process of more than 40,000 investors, who expressed interest in the initial coin offering announced in the first week of January that was expected to raise as much as US$ 20 million. Go on to to check the referral on cryptocurrency as they have been writing about it for years and it is quite interesting.

Considerable flak has been building up with both the media and financial experts questioning the entire premise of the KodakCoin. The New York Times in an article headlined ‘Kodak’s Dubious Cryptocurrency Gamble,’ published on 30 January 2018, described Kodak’s partners in the cryptocurrency project as “a paparazzi photo agency, a penny-stock promoter and a company offering what has been called a ‘magic money making machine.’” IronFX complaints can be a great reference on what to do and what not to do in trading.

A statement on the site dated 5 February 2018 says, “In light of the increased worldwide interest in ICOs, we are taking necessary measures to ensure that the KodakCoin ICO complies with all application securities and other laws. As a result, the first step in the process is to ensure that all investors satisfy the investor qualification requirements of the applicable jurisdictions in which offers and sales will be made. This phase will last for a few weeks, after which we intend to sell KodakCoins to eligible investors.”

Hedge fund manager Kerrisdale Capital, which holds a short position on Kodak stock, issued a report on 7 February 2108 which critically questions KodakCoin and called it, “a last-ditch stock promotion gambit for a company hurtling towards bankruptcy.” The report says, “Kodak’s cryptocurrency ploy hits all the major buzzwords – blockchain, smart contracts, distributed ledger, ICO, etc. But look through the PR spin, examine the true merits of using blockchain for the proposed service, and it’s obvious the project is poorly thought out and will never work as promoted.”

Kerrisdale, which is itself also planning to enter the blockchain market, questioned the return on investment in KodakCoin. “Kodak lacks the technological capacity and the funding to realize its claimed KodakCoin technology and thus transact and store images over a blockchain,” it said adding that Kodak won’t be able to compete with other blockchain startups, because “it’s staring at the possibility of default and a debt restructuring in the next 12 to 18 months.”

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

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