Cross-blockchain third-party arbitration performance assurance system and method thereof

Abstract

The invention discloses a cross-blockchain third-party arbitration performance assurance system and method, and the method comprises the steps: hosting digital assets in smart contracts of different blockchains through an initiating end host and a receiving end host, and mutually transferring or returning the digital assets hosted in the smart contracts according to a result that a transaction entity delivers outside the chain; and allowing the arbitration end host to perform transaction arbitration to judge whether the out-of-chain delivery is successful or not under the condition of not hosting the transaction entity, and when the out-of-chain delivery is judged to be successful, the digital assets hosted by the initiating end host and the receiving end host can be transferred to each other without the agreement of the initiating end host, so that the technical effect of improving the reliability of performance guarantee is achieved.

Description

technical field [0001] The invention relates to a performance guarantee system and method thereof, in particular to a cross-blockchain third-party arbitration performance guarantee system and method thereof. Background technique [0002] In recent years, with the popularization and vigorous development of e-commerce, various related applications have sprung up, among which the third-party hosting that provides transaction guarantee is the most common. [0003] Generally speaking, traditional third-party custody means that the buyer and the seller deliver assets (including: currency, physical goods, etc.) to a third-party entity for custody. The assets are given to buyers and sellers in order to avoid transaction risks. Since today's trading environment has been largely digitized, third-party custody through the network, such as: third-party payment and other services, needs to rely on highly trusted third-party entities for asset custody or transaction arbitration. [0004...

AI Technical Summary

Problems solved by technology

[0004] In view of this, some manufacturers have proposed blockchain technology, which conducts transactions through the blockchain mechanism, in order to use its characteristics such as non-tampering and non-repudiation, to achieve highly credible third-party escrow transactions. However, at the same time, it has In the environment of multiple independent blockchain networks, since different blockchains may use different protocols, even if the same protocol is used, independent blockchain networks cannot directly communicate with each other.

Therefore, although it can be hosted on the blockchain, it lacks an effective arbitration mechanism, resulting in poor reliability of performance guarantees

[0005] To sum up, it can be seen that there has been a problem of poor reliability of performance guarantees in the existing technology for a long time, so it is necessary to propose improved technical means to solve this problem

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