Kodak ICO Team Announces its Payments Solution Will be Hosted on Stellar

Kodak ICO Team Announces its Payments Solution Will be Hosted on Stellar

The project team behind the KodakOne ICO, Kodak’s own blockchain experiment which has been seeking to build a Digital Rights Management platform, has confirmed that it will be developing its payment solution on the Stellar platform. 

Whilst the project’s ICO was conducted through use of an ERC-20 token – which will continue to serve as the project’s security token – Volker Brendel, Chief Information Officer, has confirmed on Linkedin that all payments for the upcoming platform’s services will be secured by Stellar. 

“Not a cloud solution”

In the same announcement, Volker also pointed out that the platform is not seeking to secure images themselves through blockchain technology but rather digital rights certificates that follow the W3C-approved ODRL standard. “We are not developing … image stock  and cloud storage solutions,” he re-iterated.

KodakOne ICO’ed in May, and had been seeking to raise $50m to finance the venture. The outfit has since signed a partnership agreement with Formula One driver Fernando Alonso who has agreed to serve as ambassador for the project, and whose own personal and professional image archives are to be secured by the platform, scheduled for Beta release in Q4 of 2018. 

A former giant in its field, Kodak has experienced a decline in its fortunes since the 1990’s and the image world’s transition to new digital technologies which, according to some analysts, it had failed to anticipate and embrace.

However, the outfit seems to have re-discovered some of its former initiative in the blockchain age with its stock price thought to have more than doubled upon its initial announcement in January of its intention to enter into ICO territory.