The price of Eastman Kodak shares on the New York Stock Exchange has grown by 119.35% after reports that the veteran of photo and cinema goods production plans to launch a blockchain-base system and attract financing via ICO.

Kodak entered into a partnership agreement with WENN Digital in order to build a blockchain-based platform for photographers. The main aim of the platform is to take greater control in image rights management.

"Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform," the official statement reads.

Photographers will be able to claim authority rights and sell their works, receiving payments for them immediately after the sale. The project is intended for both professionals and amateurs.

“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,” said Kodak CEO Jeff Clarke.

The platform will use KODAKCoin as a utility. The initial coin offering of KODAKCoin is scheduled to launch on 31 January. The soft cap is set at $20 million, while the hard cap is $100 million. Only accredited investors will be able to take part in the crowdsale. The ICO will be conducted in accordance with the recommendations of the Securities and Exchange Commission (SEC), the statement adds.

Furthermore, Kodak announced to start offering mining equipment leases.  According to its brochure, Kodak offers to pay for a two-year contract and rent Bitmain's miners with Kodak brand on one side.