While it is no longer “news”, many people are still doubting this particular incident. Yes, we are talking about the decision by the government of the United States of America to ban TikTok. Some people reading this piece are also wondering why Tectum is giving our opinion on this incident. Are we into social media? Is there a relationship between this occurrence and blockchain technology?
This article will flesh out every detail and show the relationship between the TikTok ban and blockchain technology. Furthermore, it will help readers understand why decentralized authority is the solution for mitigating digital dictatorship. Before going into the answers, here is an overview of why TikTok was banned in the US.
TikTok Ban in the US: A Catastrophe That Began as a Terrible Joke
The whole saga began as a joke to most people, with people making memes from it. For those who did not follow the story, the US Senate questioned Shou Chew about the harmful impact of his social media platform on children. For anyone who does not understand politics, everything started with elected lawmakers allegedly trying to protect those they represent.
Things took an awful turn when Senator Tom Cotton began accusing the CEO of TikTok of having ties with China. It was almost like the Senator was implying rather than inquiring. At some point, he even insisted that Shou was selling the data of Americans to the Chinese Communist Party. It was such a terrible outing that you had to watch it to understand how bad it was.
Senator Tom’s actions are shocking for several reasons. First, the TikTok servers that store user data information are located in Austin, Texas, USA. The social media company even calls it “Project Texas.” All other servers are located in Singapore and Malaysia. None of these servers are located in China. Furthermore, TikTok is also banned in China.
One of Senator Cotton’s accusations is that members of the Chinese Communist Party are major shareholders of TikTok. Despite the claims, facts prove that these are all false notions. The owners of ByteDance and Chinese investors are minority shareholders who own a combined 20% of the shares of TikTok. Global investors (who are not from China) hold 60% of the shares, while TikTok employees hold 20% of the shares in the company.
It is rather shameful that a lawmaker (who makes the laws people should abide by) are busy making false claims. Meanwhile, the actual details are available on the internet and accessible with a few clicks.
TikTok Ban and Blockchain Technology: A Clear Abuse of Power
To most people, the US government’s ban on TikTok does not “make sense.” Almost everyone is struggling to see the direction in which things will go. However, recent news has sparked rumors and conspiracy theories. According to the reports, TikTok can avoid getting banned in the US if it can find a buyer in the US. This means that ByteDance will lose ownership of the company.
Several businessmen and companies are already offering to buy the social media outfit. The prospective new owners are not limited to Kevin O’Leary, Bobby Kotick, Steven Mnuchin, etc. Many critics are already saying that the government are simply forcing Shou Chew to sell his company under special situations. This is totally against an open market, capitalism, and everything the US is supposed to stand for.
Should the company be unable or unwilling to sell its company to a buyer in the USA, the government will restrict it from providing services to US citizens. This will involve blocking Americans from accessing TikTok’s server.
The USA is not the first country to introduce bans on social media platforms for frivolous and ignorant reasons. In June 2021, the former president of Nigeria, Muhammadu Buhari, banned Twitter (now X) because the platform deleted his tweet and suspended his account. He threatened the Igbo people from Southeastern Nigeria with a repeat of a civil war that occurred in 1967.
TikTok Ban and Blockchain Technology: Possible Trends of Digital Dictatorship
There are several other instances of governments seeing every problem like a nail, and the solution is to abuse power simply. This is particularly disturbing, especially in the digital age that is supposed to breed freedom. However, technology seems to help government officials become dictators.
Technology was designed to improve the quality of life and ensure easier access to products and services. This is why companies use people’s information to provide specific services to people. Sadly, those in authority saw an opportunity to act with impunity.
Various seeming democratic institutions around the world are abusing the power of technology to control people. The incidents are not just limited to social media, as the banking sector is an entire can of worms. There have been numerous instances where mainstream banks closed down people’s accounts due to some legislation or decree by the government. No explanation, no recovery of funds, nothing.
Social media has helped bring many of these instances to life, with countless people complaining about Monzo abruptly closing their accounts. According to a Reddit thread, the company follows recommendations from an AML algorithm. On their part, Monzo claims that they are working in line with the cryptocurrency and anti-money laundering laws of the UK government.
What makes the act worse is that people cannot appeal these decisions, and many of them even lose the funds in that account. Most are directed to the Financial Ombudsman Service, which is also of no help. In simple terms, it is a one-way street.
TikTok Ban and Blockchain Technology: Why Decentralized Authority is Key to Data Sovereignty
For those asking, there is a clear relationship between the TikTok ban and blockchain technology. Digital dictatorship is possible because there are no checks and balances in place. Traditional technology typically centralizes authority, making it easier to control the system.
While it ensures efficiency, it also breeds abuse and rids “external” members of the system of inclusion of their inclusion. This is not even a case of money, as the CEO of TikTok is not “poor.” The TikTok ban shows that even the rich can suffer from government impunity if they do not have access to those in power. Hence, there is a need for blockchain technology.
On the other hand, blockchain technology decentralizes power and ensures inclusiveness. In simpler terms, there is some level of equity, and everyone has a say in the process. While there will still be a hierarchy, people will still maintain their basic rights and have access to rudimentary benefits.
For a better understanding, think of it like your standard society or community. Everyone is not the same, and some people will be more or less than others. What blockchain does is to ensure that people get their basic rights. Speaking of basic rights, this includes sovereignty over their data.
Just as people have complete control over their assets in noncustodial wallets like Tectum SoftNote, people will also have main authority about similar aspects. Unlike Monzo, most blockchain companies cannot close your account on the decree from the government because you are the sole proprietor of your portfolio. Blockchain technology is the truest definition of being your own boss.
Blockchain technology is not just applicable to cryptocurrency transactions. In fact, decentralized authority is the perfect upgrade of user protection and can scale the GDPR. Instead of putting all user information in a central system, everything can be stored in individual users. The person then retains the sole right to get permission to access, mine, and use their information. They also reserve the right to revoke that access.
How Tectum (The Fastest Blockchain) is Leading The Pack
While most blockchain companies enable user authority and autonomy, not all web3 firms are the same. Tectum, the fastest blockchain in the world, is taking user data sovereignty to a whole new level. This layer 1 blockchain ensures that people maintain their privacy at all times. We have gone several miles beyond just ensuring safety.
Tectum blockchain uses zero-knowledge proof to authenticate data access without revealing vital information. This means that the government can confirm that your claims are true without having to get “too much” information from you. Here’s a good example.
The government wants to issue you a license but needs to confirm if you are of the legal driving age and ascertain that you have completed the right theory and practical tests. With the Tectum blockchain, they can verify the data they need without having to know details like your name, address, mother’s maiden name, employment history, and other irrelevant information.
The best part about this system is that the government will require your consent before they can access that information. While this may seem like a futuristic idea, it is already in existence, and interested companies or agencies can incorporate Tectum into their data infrastructure.
As mentioned earlier, Tectum is the fastest blockchain in the world. We completed the TPS Test final phase, where our blockchain clocked a speed of 3.5 million transactions per second. This means that the Tectum layer 1 blockchain holds the record for the fastest decentralized network. More importantly, it implies that our network can process voluminous transactions without hiccups.
Do you want to scale your data architecture and protect users of your products and services? Get in touch today for an efficient solution.