The US firm Kodak is planning to collaborate with another London based company called Wenn Media Group to start its initial coin offering (ICO) plans. This initiative is a part of a blockchain-based program. The main aim of this program is to serve as an aid to photographers in order to control their image and other photography rights.
More about Kodak’s Bitcoin mining plans
Kodak also has other plans to set up Bitcoin mining premises in Rochester, New York, where its headquarters are located. More details about this program were presented at the CES tech show recently held in Las Vegas. This scheme is being named as Kodak KashMiner, which is designed to make customers pay up front for utilizing rent mining processes. All these programs have caused Kodak to witness a substantial rise in its valuation by venturing out into blockchain based activities.
Kodak came up with a digital camera in 1975, but decided against commercializing the technology in those times. According to some, this was one of the most significant reasons for their downfall, due to which the company applied by protection against bankruptcy in 2012. The latest block-chain based programs are said to be prominent ways by which the company can be revived to its former glory.
The company’s KashMiner operation is planned to be operated by Spotlite, which is a licensee that had previously collaborated with Kodak to sell its LED lights. Whatever bitcoins are generated by the Kodak KashMiner are planned to be shared between the customer and the relevant business party. Any bitcoin mining processes deal with carrying out complicated tasks that are needed to verify crypto-currency transactions. These tasks could use a lot of energy. But, in case of Kodak’s mining processes, their onsite power generating plant is said to provide ample power for the mining activities. According to reports, every mining rig box along with computer processes and fans will be using minimal electricity to run.