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 transparency 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.
A broader objective...
Introducing BBS (Blockchain Billing Service)
Content Galaxy’s BBS (Blockchain Billing Service) provides a platform for trustworthy invoicing
and payment, where large amounts of money and many independent participants are involved.
The system leverages blockchain and database technologies to build transparent, fraud-resistant services that automate complex
financial agreements.
We are road-testing it internally for our streaming platform, and it will be released as an open source project.
BBS supports web applications where an intermediate purchasing agent adds value to the interaction between customers
and their suppliers.
By taking advantage of blockchain’s immutable replication, BBS gives all interested parties reliable, recent snapshots
of financial activity.
The use of blockchain assures that 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.
The blockchain ledger guarantees a credible audit trail.
BBS Sample Application: “EmergencyMed”
Service for helping hospitals purchase equipment and supplies, especially in emergencies
BBS (Blockchain Billing Service) can be incorporated as a financial and database component in many types of SaaS (software-as-a-service) applications.
As an example, consider how a trusted billing system could be invaluable to a hypothetical, albeit much-needed, emergency healthcare supply chain service.
This is a good test case because it requires managing the rapid flow of large amounts of cash plus the quick procurement
and movement of physical goods that have exacting specifications.
Also, the scale of the problem naturally suggests the potential for achieving greater efficiency by introducing
an intermediary to coordinate similar purchases by multiple, independent entities.
With so many parties, possibly scattered across the globe, blockchain becomes critical in creating the necessary level
of trustworthiness and fraud resistance.
The EmergencyMed sample is designed to be incorporated into a business for helping hospitals source and purchase equipment and supplies, especially under emergency and shortage conditions. Such a purchasing service presumably requires a staff of industry, epidemiogical, and medical experts who help medical consortiums understand the need for and availability of supplies, equipment, and medicine.
There might be “account representatives” who work with the customers (medical institutions, public health organizations, and government agencies) to smooth the process of finding products, negotiating, ordering, paying, delivery, inspection, and resolving quality issues. The account representatives work directly with suppliers (manufacturers and pharmaceutical companies) and ensure rapid payment as agreed.
Naturally, a back-office staff is needed to support the system’s web application and financial transactions, but it needn’t be large for such a medical purchasing service to have an out-sized impact. For the business model, we assume that the service adds enough value and group savings to earn a modest, fixed commission on all successful deliveries.
BBS provides database, blockchain, and web application components for invoicing and payment.
They are designed to simplify audit and reduce opportunities for fraud and abuse.
The devil's in the details, and that's where blockchain comes in.
