Updated: Sep 25
In our previous blog, we reported that U.S. President Donald Trump is banning TikTok in the U.S. largely as a retaliation against China. In today’s blog, we will discuss Aquifer’s stance on censorship of user data.
Why is Trump banning TikTok? Trump’s administration argues it is due to “national security” concerns due to data about American users being shared with Chinese entities, with “national security” not meaning intelligence systems, rather data security and privacy concerns.
TikTok is a social networking app in which users can create and share short videos for entertainment, and is particularly popular amongst Gen Z-ers. About 100,000 Americans have downloaded the app. Naturally, TikTok collects extensive data about their users, which the Trump administration argues leaves American users susceptible to espionage, blackmail, and/or censorship by Chinese entities.
Data management is extremely important to protect the privacy of users and the integrity of the company, as mismanagement can be too easily achieved. Let’s take a deeper look into how censorship affects users.
TikTok has been under fire for censorship of users and content they deem “poor” or “ugly.” In documents released in Chinese and English, TikTok has instructed moderators to suppress posts of, to name a few examples: deformities, ugly faces, beer bellies, slums and poor living conditions, and “disreputable decorations.” For an app that glorifies and facilities content creation, the act of censoring what is deemed “undesirable” by Chinese entities for the sake of more viewership perpetrates a notion that only those deemed attractive are worthy of attention (a decision based on bias), which sadly seems like an unfair cycle that hasn’t changed much throughout the decades.
What is Aquifer’s stance on censorship?
We feel discrimination and silencing of voices (whether we like or agree with them or not) leads to a negative user experience, because silenced yet innocent and innocuous voices would not feel welcomed to the table.
At Aquifer, we value diversity and inclusivity. Our international team of professionals is composed of individuals around the world with diverse backgrounds and skill sets.
And as business consultants, it would be counter-intuitive to deny doing business with anyone based on looks; we look for ease of partnership and how Aquifer can help businesses save money in the long-term. Our current customers are from a multitude of industries, including Blockchain, SaaS, Telecommunications, eCommerce, Fintech, and Cannabis.
If you are a small business owner who needs help with finances at a lower cost than hiring a full-time team, contact us today. We would love to partner with you; we consider all inquiries. :)
We’re your next CFO. You need more than a bookkeeper and less than a full-time CFO. Accounting firms or bookkeepers simply do your yearly tax return but who can help you with the day-to-day accounting & finance complexities that every small business faces? We’re the tenacious partner who will work closely with you to create a strategic path forward. A path that positions your startup for optimum performance, prolonged growth, and limited risks.
According to this article by The Fintech Times, 41% of businesses plan to scrap their banking providers due to slow support during COVID-19. If your business is having trouble with liquidity or managing banking relationships, visit us today at www.aquifermarket.com. Our track record speaks for itself. We've successfully raised over $65 million in VC funding and have 15+ years of finance experience under our belt. Our services include financial modelling, data analytics, capital fundraising, transaction advisory, and accounting system setup.
Still not convinced? Ask yourself this:
Is your financial system set up and organized?
Do you know your company's outlook in 3-5 years?
Are you aware of key factors that impact your financials?
Are you prepared for tough questions from VCs?
Focus on generating revenue. Leave the rest to us. Contact us today for a free consultation.
Until next time,
Rich Zhou, CEO