TikTok owner launches a new blockchain-based project with China’s media group – iNVEZZ

  • ByteDance — TikTok’s owner — recently entered a partnership with China’s state-owned media group Shanghai Dongfang Newspaper.
  • The goal of the partnership is to create a new blockchain-based AI-dependant business model.
  • It is unknown how and why TikTok might benefit from blockchain, but China’s interests in emerging technologies are quite well-known.

According to recent reports, the owner of a
popular social media app, TikTok, is launching a new project in collaboration
with a Chinese media group, Shanghai Dongfang Newspaper. The two have decided
to launch a joint venture to create a new business model that will use AI in
combination with blockchain technology.

The report published by Bloomberg indicates that
the project was launched in Jinan, the capital of China’s Shandong province. It
took off on December 10th, and it has a capital of around $1.43 million.

It is also said that China’s media group owns
51% of the venture, while TikTok’s owner, known as ByteDance, owns the
remaining 49%.

How can TikTok and China benefit
from blockchain tech?

As many likely knows, TikTok is a very popular app that has over 500 million monthly users from all over the world. In fact, it is the second-largest app in terms of downloads in the US, according to data from the Apple App Store, right after Disney+.

The app uses short videos that users can
create and upload, and the video feed is managed by the company’s AI. Depending
on the users’ interests, the AI recommends similar videos if it believes that
the user might enjoy them.

With that in mind, it is unclear how the app
might benefit from the use of blockchain technology. Blockchain has various use
cases, although no obvious reason why ByteDance would want to include it
emerges. One possibility is that it would be used for data
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