TikTok Owner Bytedance Launches Blockchain and AI Development Company

UTC by Christopher Hamman · 3 min read
TikTok Owner Bytedance Launches Blockchain and AI Development Company
Yiming Zhang, ByteDance Founder and CEO. Photo: ByteDance

Sources indicates that Bytedance, TikTok owner, has launched a new company that offers AI and blockchain technology services amongst others.

In a new twist of a series of events, it has emerged that Bytedance, the owner of TikTok, the popular Chinese video-sharing social video sharing network, has registered a new company.

Sources indicate that Bytedance in association with Shanghai Dongfang Newspaper Co. registered a company earlier this month named Pengpai Audiovisual Technology Co. The company is said to offer several blockchain technology development services, AI public services, internet data services, AI application development among other options. However, there are no indications of the exact business lines that the company would be pursuing.

The Chinese National Enterprise Credit Information Publicity System informs that a business division of Bytedance owns about 49% of the registered share capital of the firm which sources show that it is about 10 million yuan ($1.4 million). And Shanghai Dongfang Newspaper Co. owns the rest. According to reports, Shanghai Dongfa Newspaper Co. is owned by Shanghai United Media Group, which is controlled by the Shanghai local government. Shanghai Dongfang Newspaper Co. is said to run the popular Chinese news outlet thepaper.cn.

This also indicates another kind of trial phase of blockchain technology and other decentralized ledger technologies (DLT) that the Chinese government is going into at the moment. In truth, there are three technologies that will rule the tech space in the next decade and Pengpai Audiovisual Technology Co. already is going to be into two of them. Blockchain technology (and other decentralized ledger technologies), artificial intelligence and the internet of things (IoT) are going to be major forces that everyone will have to understand and content with in the coming 2020 and further.

This is because the age of basic internet access is officially over. The next big thing is what having internet access can do that will herald the next big-era in information technology. Already, the Chinese have shown the kind of dexterity that will be required when it comes to the adoption of new innovations which demonstrates that they are going to be a force to reckon as regards technology from now on.

This “coming-of-age” of the Chinese government is going to reflect in the way that they handle international issues given their soft-power and non-interference policies. It also indicates that the 5,000 years of Chinese existence might give birth to a resurgence of Chinese supremacy; something the Americans are trying to stall. We might as well expect further moves by Chinese state-owned enterprises into new technologies and this will give an indication of an answer to the big elephant in the room that no one is asking about: yes, China may become a world power to reckon with but not just in the way we think it will occur.

It’s also worth mentioning, that TikTok and blockchain have recently met not only in this piece of news. It has also become known that a Bitcoin video had managed to go viral on TikTok. It happened for the first time in the history of TikTok. In the video, you can see a room with mining equipment. The caption says “this is why GPU prices went up”. Maybe there is nothing impressive in the global sense. However, it can be viewed as only more small step to adoption and a wide perception of crypto.

Bitcoin News, Blockchain News, Cryptocurrency news, News, Social Media
Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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