One tool you can use in Blackboard with your students is Hypothes.is, a social annotation tool that allows groups of people to annotate a website or document together. Hypothes.is has recently added the ability to annotate YouTube video transcripts. Here is a short demonstration on how that works.
In September 2021, Douglas College started a pilot project with Hypothesis to add their social annotation tool to Blackboard. Anyone with a Blackboard course can now add a Hypothesis document to your course and students can work together to annotate the text. This pilot project will continue until the end of the Winter 2022 semester [Update: This has been extended once again for the 2022-2023 school year].
To give you an overview of Hypothesis and how it can be used in your course, David Wright graciously offered to record a video with me to take us through how he has used it in his own classes.
If you are interested in learning how to add it to your course, here is a short video on how to do that in Blackboard.