Blockchain Project of Kodak Is a Fraud

February 9, 2018

Kerrisdale Capital hedge fund published a report for its clients, saying that Kodak is trying to deceive investors and clients by dusguising real purposes of creating own blockchain platform. The report reads that Kodak's attempts are not genuine and are "a last-ditch stock promotion gambit for a company hurtling towards bankruptcy."

An american technology company Kodak announced the launch of ICO on January 9. The company will implement blockchain technology to prevent unauthorized use of photographers' works. After the announcement the shares of Kodak rose by 37%.

Kerrisdale Capitals reported that Kodak will not be able to compete with other blockchain startups as the company "is staring at the possibility of default and a debt restructuring in the next 12-18 months."

Thus, the hedge fund claims that Kodak does not have necessary technological capacity and funding to implement KodakCoin technology, which is being designed to process transactions and store photos and videos on a blockchain. 

It is said in the report:

"Kodak's cryptocurrency ploy hits all the major buzzwords – blockchain, smart contracts, distributed ledger, ICO, etc. But look through the PR spin, examine the true merits of using blockchain for the proposed service, and it's obvious the project is poorly thought out and will never work as promoted."

Kodak has not made any comments.

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