Escrowing system for cross-blockchain third-party settlement and method thereof

An escrowing system for cross-blockchain third-party settlement, comprising:

• a first blockchain configured to execute a first smart contract deployed therein, and provide a first wallet address associated with an initiating end and a first wallet address associated with an accepting end;
• a second blockchain configured to execute a second smart contract deployed therein, and provide a second wallet address associated with the initiating end and a second wallet address associated with the accepting end, wherein the second smart contract comprises a second withdraw function to receive an unlock secret and hash the unlock secret, and compare a hashed result with an initiating-end hash value or an arbitration-end hash value of the second smart contract, and when the hashed result is matched with the initiating-end hash value or the arbitration-end hash value of the second smart contract, a second digital asset escrowed by the second smart contract is transferred to the second wallet address associated with the initiating end, and the unlock secret is stored in the second smart contract;
• an arbitration host connected to the first blockchain and the second blockchain at the same time, and configured to set an arbitration-end hash value in the first smart contract, wherein when detecting that a delivery outside the blockchain succeeds, the arbitration host executes the second withdraw function of the second smart contract to transmit the unlock secret;
• an initiating-end host connected to the first blockchain and the second blockchain at the same time, and comprising:
• an initiating-end deploy module configured to deploy the first smart contract in the first blockchain, and set an initiating-end hash value in the first smart contract, and transfer the first digital asset to the first smart contract for escrow;
• and
• an initiating-end detection module configured to execute the second withdraw function of the second smart contract to transmit the unlock secret when detecting that the delivery outside the blockchain succeeds;
• and
• an accepting-end host connected to the first blockchain and the second blockchain at the same time, and comprising:
• an accepting-end deploy module configured to deploy the second smart contract in the second blockchain and transfer a second digital asset to the second smart contract for escrow when obtaining the initiating-end hash value and the arbitration-end hash value from the first smart contract;
• and
• an accepting-end detection module configured to execute a first withdraw function of the first smart contract when detecting the unlock secret in the second smart contract, wherein the first withdraw function performs hashing on the detected unlock secret, and compares a hashed result with the initiating-end hash value or the arbitration-end hash value of the first smart contract, and when the hashed result is matched with the initiating-end hash value or the arbitration-end hash value, a first digital asset escrowed by the first smart contract is transferred to the first wallet address associated with the accepting end.