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, Bloomberg reported on Dec. 14.TikTok may use blockchain and AI to fight Deepfakes.
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.
ByteDance owns 49% of the venture while the rest is owned by the Chinese media group.
TikTok sees 500 million monthly active users and is currently the second most downloaded app in the Apple App Store in the United States.
While it's not yet clear how ByteDance and TikTok could benefit from blockchain technology, one possible use-case could be for digital media data verification.
U.S. law enforcement Axon Enterprise aims to test blockchain for its body cameras to fight Deepfake AI-generated videos.
As recent reports suggest, blockchain technology is rapidly maturing and seeing wide adoption in China.
Earlier this month, the Bank of China has reportedly issued 20 billion yuan in blockchain-based special financial bonds for small and micro-enterprises.
As Cointelegraph reported in late November, the European Commission and European Investment Fund launched a new investment initiative for AI and blockchain in Europe.
TikTok Owner Reportedly Working With Chinese State Media on Blockchain
Udgivet den Dec 14, 2019
by Cointele | Udgivet den Coinage
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