As recent reports say, China’s blockchain technology is maturing rapidly and widespread adoption. The Bank of China reportedly issued 20 billion yuan ($2.8 billion) for small and micro-enterprises in blockchain-based special financial bonds earlier this month. In addition, China is also expected to conduct its central bank’s digital currency’s first real-world test in the near future.
Owner of major social media app TikTok, ByteDance, has launched a joint venture with state-owned Chinese media group and ThePaper.cn, operator Shanghai Dongfang Newspaper to develop business models that include blockchain and artificial intelligence (AI), Bloomberg reported on Dec. 14.
What TikTok will benefit when working on Blockchain?
According to the Shanghai Dongfang newspaper, the joint venture was launched in the capital of eastern China’s Shandong province, Jinan, on Dec. 10 with a registered capital of 10 million yuan ($1.43 million). ByteDance owns 49% of the venture while the rest is owned by the Chinese media group. However, representatives of ByteDance and Shanghai Dongfang Newspaper didn’t immediately respond to a request for comment.
TikTok has 500 million active monthly users and is the second most downloaded app in the United States. A purpose-built AI fully manages the short video feed of the app to predict and deliver content that the user may prefer.
While it is not yet clear how ByteDance and TikTok could benefit from blockchain technology, there could be one possible use-case for verification of digital media data. For example, U.S. law enforcement Axon Enterprise aims to test blockchain to fight against Deepfake AI-generated videos for its body cameras.
The purpose of this collaboration is still unknown, but we can see that China is working with its best to develop Blockchain. Not only China, but the European Commission and the European Investment Fund also launched a new investment initiative for AI and blockchain in Europe, according to a press in November.
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