ByteDance, the owner of rapidly growing social media platform TikTok, has started a joint venture with a state-owned Chinese media group to develop partnerships in blockchain and AI technology.
According to Bloomberg, the venture began last week in Junan, which is the capital of China’s Shandong province.
ByteDance reportedly owns 49% of the new firm, with Shanghai Dongfang Newspaper owning the rest.
The joint venture also comes weeks after an announcement from Chinese President Xi Jinping, who revealed that blockchain technology is vital to the nation’s future.
Business Insider Singapore has commented on the importance of the joint venture amid the trade war between China and the USA.
However, TikTok has now landed itself in hot water with the US government as the app could reportedly pose a security risk via its potential data gathering elements.
The company responded by reiterating that data is stored in America and that the Chinese government has no control over any of the platform’s content, in spite of the joint venture.
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