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
Read this:
Telegram blockchain project announces launch of software for nodes and blockchain exporter
Ethereum developer Virgil Griffith will be released from custody pending a court decision
Ethereum core developer confirms hard fork date
Ethereum developer arrested for helping North Korea get around sanctions
Twitter director plans to develop crypto industry in Africa
Binance will help Ukraine in the development of cryptocurrency legislation