ByteDance – the firm behind the video-sharing social networking platform Tiktok – reportedly partnered with numerous China-based establishments, to roll out an A.I and blockchain-powered solution for Tiktok.
Reported by Bloomberg on December 14, ByteDance has teamed up with the Chinese state media, along with ThePaper.cn operator Shanghai Dongfang Newspaper, to introduce a joint venture, based in the capital of eastern China’s Shandong province, Jinan, with 10 million yuan ($1.43 million) equivalent of registered capital.
ByteDance has 49% of the venture shares in its possession, and the remaining is owned by the media group from China.
The blockchain-powered solution which ByteDance is trying to develop for Tiktok could potentially be used to enhance its digital media data verification.
Tiktok, which at the moment facilitates 500 million users on its visiting its platform every month, ranks #2 in the top downloaded app on the US Apple App Store. Tiktok employs a purpose-built AI for video feed management, to make predictions and present contents generally are appealing to the audience.
China is recently witnessing an impressive incline of blockchain adoption rate, with the latest initiative from the Bank of China, approving 20 billion yuan ($2.8 billion) worth of blockchain-based financial bonds, dedicated to small and micro-sized businesses.