June 25, 2024

TikTok Developer Helps China Develop Blockchain

TikTok Developer Helps China Develop Blockchain

The developer of the popular TikTok app ByteDance began working together with the Chinese state media groupto create business models focused on working with blockchain and artificial intelligence.

According to Bloomberg, a joint projectbegan work on December 10 in Jinan, its registered capital is one and a half million dollars. 49% of the company is owned by ByteDance, the rest is owned by the Chinese media group.

At the moment, the video application has 500 million active users per month and breaks records for the number of downloads in the US Apple Store.

And although it is currently unknown how exactly the project will use the blockchain, one of the possible use cases is data verification. 

As previously reported, blockchain technologyrapidly developing and quickly gaining recognition in China. In addition, according to recently published information, the Chinese national cryptocurrency is almost ready.

Based on materialscointelegraph.com