KODAKCoin

Yesterday, Kodak announced KodakCoin. The token will work in conjunction with KodakOne,  a blockchain-powered photography platform.  The Kodak press release has some great quotes such as:

"Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin."

"For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem."

Call me a sceptic, but Kodak, a company that completely missed the digital photography revolution is going to suddenly become the platform of choice for photographers because they have a token? Why do most companies even need a digital token? Can they not use Ether or Bitcoin to facilitate these transactions or "gasp" even the US dollar. I do think tokens have a future place in the tech ecosystem, but the KODAKCoin isn't one of them.

Kodak joins a long list of companies that magically think a token will change their business. If you are a company that is publicly traded, adding blockchain to your company is an obvious choice. Management will look at stocks such as Long Island Iced Tea which changed its named to Long Island Blockchain and its stock increased over 200%. An ICO can make you even more money because, it’s a non-dilutive form of financing where management has no “real” obligation to ensure the token succeeds. Kodak management must be basking in the "blockchain effect" though with their 60% increase in stock. Can you guess when they announced their ICO?

I hope Kodak proves me wrong and creates a successful token, but the unfortunate reality is that most ICOs, especially from existing companies, are probably going to be vaporware. This is their chance to join in on the buzzy new trend, receive some non-dilutive financing, and if they are public have a boost in share price.