ByteDance, the owner of popular video-sharing social network service TikTok, has launched a new company focusing on the development of blockchain technology and AI (Artificial Intelligence). To release this new venture, they have partnered with Shanghai Dongfang Newspaper Co., who are primarily controlled by a media group that is supported by the local government in Shanghai. Pengpai Audiovisual Technology Co. is the name of the new company, who are yet to release detailed information about their business. As of yet, we know that the company will be providing services for; the development of blockchain technology, internet data and the development of AI application. ByteDance controls 49% of the company after forming it just under a week ago, with a capital of 10 Chinese Yuan.