Why is Blockchain Billing Service needed?

The architecture of BBS offers substantial new protections from fraud by an intermediary service or its employees. By reducing risk to customers, suppliers, and investors, new business and investment is encouraged, while accounting expenses are decreased. Moreover, there is the potential of nearly eliminating many of the traditional forms of financial fraud.

BBS helps to solve the problem of establishing trusted intermediaries in systems where there are complex agreements about how to manage and distribute funds. It simplifies implementing effective financial controls and negotiating payment terms, deliverables, and quality requirements within a centralized application. BBS supports the kind of custom-tailored invoicing, approval, payment, collection, and auditing processes that multi-organization projects and businesses need. It supplies believable controls that increase investor confidence and the chances of success.

BBS takes a unique, rigorous approach to using blockchain for making large-scale, complex, financial database applications more fraud resistant. Every material transaction between entities can be independently validated, tracked, and be available to auditors and financial institutions on the blockchain a short time after it completes in the application database. This supports human-readable tracking of information in the blockchain, for easy auditing, and an extra layer of automated bank account payment controls.

For the first time, typical financial database applications can be extended with an immutable blockchain backup that is intended strictly for audit and payment control. This makes good performance and great scalability possible. More importantly, many common financial fraud techniques become near-impossible: from improper mixing of funds and double billing to misuse of funds and embezzlement, all the way to investment scams and ponzi schemes.

How is BBS (Blockchain Billing Service) used?

BBS can be incorporated into any web business that acts as an intermediate agent adding value to the interaction between customers and their suppliers. By taking advantage of blockchain’s immutable replication and independent validation, BBS can give all interested parties reliable, recent snapshots of financial activity. Transactions can be proven against external tests, such as the cash in a dedicated bank account, online records of banking activity, detailed database records, and paper documents and images.

Web applications use BBS as an open-source component that generates both database and blockchain accounting transactions. It assists the application in maintaining the data needed to tie invoices and payments back through time to the finest detail. The multi-entity accounting supplements the functionality of traditional corporate financial systems.

Blockchain Billing is coming to Content Galaxy

We're incorporating blockchain ledger accounting into our video streaming service to achieve an even higher level of verifiability and security. This will demonstrate that a revenue sharing model can achieve a level of trustworthiness sufficient for publishers to entice many independent contributors to work together to create profitable channels.

As the first implementation of BBS, Content Galaxy's video revenue-sharing service uses it to create invoices and track receipts from credit card sales and payments to publishers, content providers, affiliates, and editors. For example, a video channel might feature off-Broadway shows with revenue split between publisher, author, director, actors, theatre, videographer, editor, and any website with links that cause a purchase or viewing of a video. BBS helps us to be trusted by content owners as the intermediary that holds and apportions credit card receipts based on complex agreements.