KodakONE blockchain platform raises over $1 million in its beta test

KodakONE has announced that it made more than $1 million in licensing claims for photographic rights during a limited beta test for its platform.

According to reports by Breaker, Cam Chell, a co-founder of KodakONE, stated that the company will pocket $400,000 from the $1 million revenue generated from the beta phase.

KodakONE is a developer of a blockchain based image copyright protection, distribution, and monetization platform. The platform uses a hybrid blockchain infrastructure with Stellar, Ethereum and Hyperledger technology. KodakONE carried out the project in partnership with RYDE and ICOx Innovations. The three have also created a token, KodakCoin, to be used on the platform. The project is not part of the Eastman Kodak company, but RYDE Holding licensed the Kodak name from Eastman Kodak.

After its launch last year, the project received a lot of skepticism with many people criticizing the move, terming it as a bid to cash in on the ICO and blockchain hype. Kodak’s shares rose to a high off $13.25 at the time.

In October, KokdakONE launched its beta Post-Licensing Portal (PLP) which uses an intelligent web crawler and image recognition technology. So far, the KodakONE PLP has generated 1,667 new cases since its launch. KodakONE platform is positioned to be the best service provider to the image industry. It aims at helping agencies and photographers protect their work, ensure they are fairly compensated and increase image sales. Agencies like Blaublut Edition and Food Centrale, as well as numerous photographers are using the beta platform.

While commentating on the matter, the CEO of RYDE stated:

“In the current unregulated media landscape, photographers are not able to control the use of their assets or the context in which they are seen. We are excited that the PLP is live and helping content creators capture income that gets lost to image infringement.”

Reportedly, professionals in the photography industry get about 20 percent of the market. With the platform, KodakONE hopes to raise this percentage to about 80 in the future.

Chell and other stakeholders in the project stated that this is just the beginning of greater things to come. In the coming days, the platform is reportedly aiming to integrate the KodakCoin for instant license settlement. It will also deploy smart contracts for license management.