ByteDance, the parent company of the social media platform, TikTok, has partnered with Dongfang Newspaper, a Chinese state-owned media company. The two will develop business models based on blockchain along with artificial intelligence.
ByteDance has a 49 percent share of the company while Dongfang has 51 percent. TikTok has around 500 million active users. The app is likely to use artificial intelligence to manage the video feed by predicting content each user likes.
There are predictions on how the joint venture will benefit each party. One idea is that a currency model may be developed for users. It may also help with verifying data for digital media. TikTok has become one of the most popular apps in the US, especially among the youth.