ByteDance is a TikTokâ€™s parent company, which is strongly confident that its deal with Oracle tech giant for TikTokâ€™s US operations will be approved by both Chinese and American regulators.
Oracle secures TikTok
The deal for TikTok US operations was confirmed by Oracle this week, but it still needs to pass approval from the Trump administration for the video-sharing app to active in the United States. The end of the week, a set decision is rumored to be rolled out.
US President Trump shunned and accused the video-sharing company of illegitimate data collection and security breaches that harmed American users. However, this company appears to now have found a way to remain operational in the US.
ByteDance refuses to sell its TikTok algorithms
The proposal dictates that most of TikTokâ€™s shares will be owned by parent company ByteDance.
Moreover, it has been revealed that ByteDance is not willing to sell the prized algorithms behind the video content sharing app and cede ownership of them to Oracle tech company. In short, this app has become so popular around the world that makes other tech giants such as Facebook and Google wary.
So what does acquiring TikTok shares mean for Oracle?
Under the new partnership, Oracleâ€™s ruling power will expand to software review and monitoring of TikTok US services. It will analyze the source code behind TikTokâ€™s digital network. However, as shared by Bloomberg, ByteDance will still hold the proprietary rights of TikTok, despite American investors owning partial TikTok equities.
Trump had vehemently stipulated on many counts that he wanted TikTok banned from the US and that he did not want the platformâ€™s Chinese parent company, ByteDance to retain majority control. Addressing the issue, US Secretary of the Treasury Department, Steven Mnuchin had said on behalf of the US government:
â€œI will just that weâ€™ll need to make sure that the code is secure, Americansâ€™ data is secure, that the phones are secure and weâ€™ll be looking to have discussions with Oracle over the next few days with our technical teams.â€
China likely to okay the deal, with one condition
ByteDance and Oracle are currently waiting for the approval from Chinese and US regulators.
Furthermore, they stressed that that needs to remain true even when ByteDance parent company were to cede majority control of TikTok over to American investors.
How can Oracle and ByteDance gain Trumpâ€™s approval?
All over, as mentioned by Bloomberg, the United States president will likely want US companies to retain majority control of TikTok, instead of ByteDance.
Blockchain technology could be an interesting alternative for TikTok to explore in order to provide security and dispel data breaching threats.
TikTok can benefit from blockchain technology
Blockchain technology may be a viable solution for TikTok to adopt so that the protection and security of the personal information of millions of influencers and content creators leveraging the app are ensured.
Currently, the Oracle-ByteDance deal is awaiting the Trump administrationâ€™s seal of approval, as well as the okay from Chinese regulators. A decision is to be made by the end of this week.