Legacy camera brand Kodak has launched a new blockchain-enabled document management system, signaling the company’s pivot into blockchain technology.
Unlike in previous cases, the latest move by Kodak for its Document Management Platform is an in-house project, the company said. The native product is thus intended to operate independently and will not be deployed under license to any third-party.
The new platform will go by the name Kodak Services for Business and targets businesses as well as governments to help them with storage and management of very sensitive documents. The Kodak Document Management Platform will leverage blockchain technology to offer its users more efficiency and security, the statement by the company continued.
Kodak believes the blockchain platform will reduce costs by about 20- 40%. This will be achieved by reducing human management of content, documents, information and also enabling automatic workflows.
Kodak first dabbled into the blockchain sector in 2013 when it announced a product designed to offer information and imaging solutions.
The company has gradually moved towards the adoption of disruptive technology, with an eye on affecting industries in goods packaging, functional printing, and graphic communications among other sectors.
For almost half a decade, Kodak has grown its focus on the use of blockchain technologies, with the company’s name even added to products developed by companies that are looking to dive into the blockchain space.
In January last year, the Kodak brand was licensed by a third party for the launch of a crypto project dubbed KODAKCoin. The crypto would reportedly be used on a blockchain designed to track and monitor copyright images online.
Just after the first announcement, the stock price of Kodak shot to $13.28, up from the previous $3.10. The intraday spike caught the attention of some within the industry, who pointed it out as nothing but a sham.
The KODAKCoin project’s initial coin offering (ICO) has been scheduled for July 1.