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Microsoft Loses TikTok to Tech Giant Oracle – Bitcoin and Blockchain Industry

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  • Microsoft Loses TikTok to Tech Giant Oracle – Bitcoin and Blockchain Industry

    Microsoft Loses TikTok to Tech Giant Oracle – What This Means for Bitcoin and Blockchain Industry

    TikTok, the multibillion-dollar video sharing platform owned by Chinese tech company ByteDance and popularized by millennials and Gen Z, has chosen Oracle Corporation as its tech partner over Microsoft.

    Trump: TikTok is a Threat to National Security

    The news comes at a crucial time after US President Donald Trump had vehemently decreed that TikTok must sell its operations in the United States by September 15, stipulating that the social media app was a threat to national security due to it sneakily collecting user information, as revealed by an analysis from Wall Street Journal.

    President Trump had accused TikTok, which is fully owned by Chinese tech giant ByteDance, of gathering information of millions of US users and of sharing the confidential data with the Chinese government. Parent company ByteDance has denied all claims directed towards it regarding data and security breach.

    In order to keep the operations in the US, Microsoft had previously been working in collaboration with Walmart to acquire ownership of TikTok. However, after its offer was released, it was disclosed to Bloomberg that "Oracle Corp. is the winning bidder for a deal with TikTok's US operations."

    US-China, Caught in a Tech and Blockchain Battle

    President Trump's previous user data breach allegations directed at TikTok come at a critical time, with presidential elections looming and set for the month of November. In addition, the US and China have been caught in a cold technology war, with the rise of blockchain and China gaining tremendous momentum in the race to be the first to release an officially regulated central bank digital currency (CBDC).

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