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ByteDance Founded A Blockchain Company With Chinese State Media

ByteDance Founded A Blockchain Company With Chinese State Media

The company behind TikTok, ByteDance, has announced a cooperation with the media group Shanghai Dongfang Newspaper. The goal of the merger is to develop blockchain applications that could possibly be used against deepfakes.

ByteDance, the owner of the social media app TikTok, has founded a joint venture with the Chinese state media group Shanghai Dongfang Newspaper. The collaboration aims to develop business models with integrated blockchain applications and AI technology, according to a Bloomberg report on December 14.

The joint venture was established on December 10 with 10 million yuan ($1.43 million) share capital. ByteDance owns 49 percent of the company, while the rest is owned by the Chinese media group. There is no specific information about specific applications, but blockchain technology is likely to help against manipulated deepfake videos.

Karaoke and dance videos of teenagers in the style of the mini playback show: the world of TikTok seems a little strange and over the top beyond puberty. TikTok is currently the most popular app for children aged 13 and over. The app has been downloaded over a billion times in 150 countries and in 75 languages. But as harmless as the app looks at first glance, the surface hides a ground for political explosives.