Kodak Launches a Blockchain-Enabled Document Management System
Kodak’s pivot to blockchain is coming into focus as the legacy camera brand announced its new blockchain-based document management system at a two-day conference in Rochester, New York. Unlike previous Kodak-blockchain announcements, Kodak Document Management Platform is not under license to a third-party and is an actual Kodak product.
The platform, launched under the name Kodak Services for Business, is intended for businesses and governments to store and manage sensitive documents. Kodak Document Management Platform relies on blockchain to provide efficiency and security, according to the company.
The company also claims that the blockchain platform will lead to 20-40% cost savings through automated workflows and decreased human management of content, information, and documents.
Kodak’s beginnings as an information solutions provider can be traced to a 2013 statement, which said the firm “has transformed into a technology company focused on imaging for business.” To that end, “Kodak serves customers with disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries.”
Taking that message and running with it in recent years, Kodak has embraced blockchain technologies or at least lent its name to companies involved in such schemes.
Margin Lenders Lost $13.5 Million in May to Poloniex Crypto Crash
Crypto exchange Poloniex revealed in a post Thursday that lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC — roughly $13.5 million at current market prices — due to a flash crash in the Clams (CLAM) market on May 26.
Poloniex’s peer-to-peer margin system includes both lenders and borrowers, the lenders of which are pooled together and rewarded in interest for lending out their funds. In order for a user to borrow the margin funds being lent, he or she must hold a certain amount of collateral to provide a level of certainty that the debt will be able to be repaid at a later date.
On May 26, the margin-tradable Clams (CLAM) market dropped by nearly 77 percent in value in just 45 minutes on Poloniex, causing a flurry of liquidations designed to cut losses in order to repay the lender.
However, the speed and magnitude of the crash were too severe for Poloniex’s automatic liquidation system to function properly in the illiquid market. This resulted in the 1,800 BTC loss that has yet to be repaid to the lenders.
Bitcoin and Gold Prices Diverge Again, Extending 5-Month Correlation
Bitcoin is again feeling the pull of gravity amid a rally in gold – a classic safe haven asset.
The premiere cryptocurrency topped out at highs near $9,100 on May 30 to hit a 2.5-week low of $7,432 on June 4.
The pullback was expected as technical charts were reporting bullish exhaustion. After all, the cryptocurrency decoupled from equity markets and rallied by nearly $4,000 in May.
Even so, the correction is noteworthy as it is accompanied by a sharp rally in gold prices. The yellow metal picked up a bid at $1,275 per Oz on May 30 and climbed to $1,344 per Oz on Wednesday – the highest level since Feb. 20.