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Blockchain technology provider Earlyworks partners with Relic
Tokyo-based blockchain technology provider Earlyworks has announced a business alliance with Relic to promote new business development using Web3 technology. Earlyworks currently deploys its proprietary high-speed Grid Ledger System (GLS) blockchain technology.
GLS is a hybrid blockchain that combines the technical advantages of both blockchain technology and database technology. Database technology provides the traditional infrastructure for storing, collecting, organizing, and processing data and enables the building of systems.
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As part of this alliance, Earlyworks’ business development resources using cutting-edge Web3 technology will be combined with Relic’s organizational capabilities and expertise across all phases and areas of new business development, to jointly support the development new business using cutting-edge Web3 technology. Earlyworks and Relic will jointly develop and broadly deliver a new business development framework that addresses business issues, brand damage risks, legal and financial risks, etc., faced by large enterprises by connecting DUALii, an incubation partner platform that enables enterprises to build co-creation systems through flexible engagement patterns and diverse exit strategies with Earlyworks’ proprietary blockchain technology.
Market potential and alliance context
The global blockchain market, one of the leading Web3 technologies, continues to grow every year and is expected to reach approximately $10.6 billion in 2023 and $404.1 billion in 2030. The market is expected to grow 38 times in the seven years from 2023 to 2030, and such enormous growth of the market is attracting more and more attention around the world.
On the other hand, the Japanese blockchain market is expected to be worth JPY 142.7 billion in 2023, and compared to the size of the global market, Japan’s market share is estimated to be around 10%.
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In Japan, the “Priority Policy Program for Realizing Digital Society” approved by the Cabinet in June 2022 includes the “Promotion of Web 3.0”, which in turn includes the use of NFTs (non-fungible tokens) based on blockchain technology” and the “Web 3.0 Study Group” was established at the Digital Agency to study the future use of blockchain. Although the “Web 3.0 Study Group” has been established at the Digital Agency and its activities are increasing, the actual commercial use of blockchain has yet to increase significantly.
By forming a business alliance with Relic, the Company intends to promote the development of the Japanese blockchain market and address the following issues: the high obstacles involved in correctly understanding the technical characteristics of blockchain and its correct use in business, as well as the lack of human resources and know-how to take charge of the development of new businesses.
In recent years the Company has focused on developing new businesses using blockchain technology, for example by developing accompanying systems and operational services after their launch. In July 2023, the Company was listed on the Nasdaq capital market in the United States. In the future, as a Japan-based blockchain solution provider, the Company will further maximize the potential of blockchain technology for the world and vigorously promote its implementation in society.
Relic is a “business co-creation company” that supports the development of new businesses and the creation of innovation by Japanese companies. The “Open Innovation Business” co-creates innovation through investments in startups and joint ventures/joint ventures with large companies.
In the blockchain area, Relic has launched ReFi Lab, an enterprise support platform using Web 3.0 and blockchain technology, with Hakuhodo Key3 and others, and is conducting consortium activities. In addition, Relic’s MetaMe®️ metacommunication service, which uses NTT DOCOMO’s advanced technology, has developed the “MetaMe NFT Market” in collaboration with Earlyworks.
Furthermore, through its activities over the past eight years since the company was founded, Relic has been involved in the development of more than 4,000 companies and 20,000 new businesses. Relic also has the organizational strength to manage the full spectrum of new business development and provide the broad and extensive support that is only possible with the largest integrated business, technology and creative team (BTC organization) specializing in new business.
Through this partnership, Earlyworks’ resources for business development using blockchain technology and Relic’s organizational capabilities and know-how for various stages and areas of new business development will be combined to jointly support new business development using blockchain technology.
Joint business development support from GLS x DUALii
In today’s highly uncertain and rapidly changing era, it is essential that new business development goes through a process of rapid hypothesis testing, business problem solving, and improvement based on real feedback and reactions from customers and users. However, when a large company tries to start a new business, it is not always possible for the company to adequately promote the above process due to various reasons and restrictions. Many of the new businesses being considered by large companies are facing a combination of problems, such as “slow speed of business development”, “forced withdrawal and failure to commercialize”, “no significant growth even if commercialized”, “significant risk of damage to the brand,” and “too high indirect costs incurred for entry into new business areas.” The problems are compounded by issues such as “slow commercialization of businesses” and “slow growth of businesses even after commercialization.”
Relic offers DUALii as a solution to the above problems faced by large enterprises, where Relic acts as an operational entity to start the business after hypothesis testing, and in terms of organizational design and financing, Relic can build a scheme and management flexible and optimal system based on the business stage and business content.
Combining DUALii with Earlyworks’ GLS, which has characteristics of blockchain technology and high processing performance, a new business model using advanced technologies Web3 the technology can be realized with a flexible structure and high technical capabilities.
Examples of partnerships
- Joint support for the development of new businesses by organically combining the services of both companies (GLS x DUALii)
- Integration of the service and product system of both companies
- Joint development of new solutions/products to support business development
GLS has high processing power like a database, ease of implementation and high customization, as well as the tamper-resistant and practical characteristics of blockchain.
- high processing speed
- parallel processing and autoscaling features
- high resistance to tampering
- zero server downtime
- versatile applications
- emergency stop enabled
what is DUALii?
DUALii is an incubation partner platform that enables large companies to build the optimal co-creation system for their problems and issues through flexible engagement patterns and diverse exit strategies. In addition to business planning, hypothesis testing, product and service development, marketing, sales and customer management, maintenance and operation, growth, customer success, etc., Relic takes on roles and responsibilities as a service provider on behalf of large companies. This enables the creation of innovative and unprecedented businesses that combine the concepts and resources of large corporations with the agility and execution capabilities of venture capital and start-up firms.
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