Kodak Reveals New Blockchain-Based Document Management System: 40% Cost Savings

Kodak Services for Business unveiled a blockchain-based document management platform during a two-day conference in New York, according to a news release published on June 5.

The company says the technology enables businesses and governments to better manage sensitive documents and keep them secure — automating workflows and archiving to ensure records can be accessed in real time.

According to Kodak, this system can help organizations achieve cost savings of up to 40% by improving productivity and preventing the loss of information.

Other products showcased during the event included Scan Cloud, which enables users to process data wherever they are.

“Smart Cities” were also discussed at the conference — a concept where cutting-edge technology is used to improve infrastructure and services in urban areas.

The company has used blockchain to establish databases before, and recently forged a partnership with RYDE Holding to build an image rights platform to protect copyright and help photographers monetize their works. Known as KodakONE, a limited beta test reportedly generated more than $1 million in licensing claims.

Back in February 2018, Kodak was forced to delay the launch of its KodakCOIN cryptocurrency in order to evaluate the status of potential investors — a day before a planned initial coin offering was due to start.

Last month, the Polish-British fintech firm Billon secured a $2.1 million grant from the European Commission to further the development of its own blockchain document management system.