Earlyworks Co., Ltd., a blockchain solution provider listed on Nasdaq, has entered into a strategic alliance with Relic Inc., a Tokyo-based company focused on fostering new business development and innovation among Japanese enterprises. This partnership aims to harness Web3 technology to promote new business ventures by combining Earlyworks’ advanced blockchain solutions with Relic’s comprehensive expertise in business development.
Integrating Cutting-Edge Blockchain Technology
Under this alliance, Earlyworks and Relic will collaborate to develop and provide a new business development framework. This framework will address various business challenges, including brand damage risks, legal and financial risks, by linking DUALii, an incubation partner platform, with Earlyworks’ proprietary blockchain technology, Grid Ledger System (GLS). DUALii enables companies to build optimal co-creation systems through flexible involvement schemes and diverse exit strategies.
The global market for blockchain technology, a leading Web3 innovation, is on a significant growth trajectory. Projections indicate the market will expand from approximately $10.6 billion in 2023 to an estimated $404.1 billion by 2030, reflecting a 38-fold increase over seven years. This rapid growth is garnering considerable international attention.
Japan’s Blockchain Market and Government Initiatives
In contrast, Japan’s blockchain market is expected to reach 142.7 billion JPY in 2023, accounting for roughly 10% of the global market. Despite this relatively small market share, the Japanese government has recognized the importance of blockchain technology. The “Priority Policy Program for Realizing Digital Society,” approved in June 2022, emphasizes promoting Web3.0, including the use of non-fungible tokens (NFTs) based on blockchain technology. The Digital Agency’s establishment of the “Web 3.0 Study Group” further signifies this commitment, although actual business applications of blockchain remain limited.
Addressing Challenges and Promoting Adoption
Through its partnership with Relic, Earlyworks intends to address significant challenges in the Japanese blockchain market. These include the complexities of understanding blockchain technology and the shortage of skilled personnel and expertise required for new business development. Earlyworks has a history of focusing on blockchain-driven business innovations, developing accompanying systems, and providing operational services post-launch. The company’s listing on the Nasdaq Capital Market in July 2023 underscores its commitment to maximizing the potential of blockchain technology on a global scale.
Relic, known for its “business co-creation” approach, supports new business development and innovation for Japanese companies. Its “Open Innovation Business” model fosters innovation through investments in startups and joint ventures with large corporations. In the blockchain realm, Relic has established ReFi Lab, a business support platform utilizing Web3.0 and blockchain technology, in collaboration with Hakuhodo Key3 and others. Additionally, Relic’s MetaMe®️ metacommunication service, developed in partnership with NTT DOCOMO, has launched the “MetaMe NFT Market” in collaboration with Earlyworks.
Leveraging Extensive Experience and Expertise
Over the past eight years, Relic has been instrumental in the development of over 4,000 companies and 20,000 new businesses. The company’s organizational strength lies in its ability to handle the entire spectrum of new business development, offering broad and comprehensive support through its integrated business, technology, and creative team (BTC organization).
By combining Earlyworks’ blockchain technology assets with Relic’s organizational capabilities and extensive know-how, the partnership aims to jointly support and accelerate new business development utilizing blockchain technology. This alliance represents a significant step towards enhancing the adoption and implementation of blockchain technology in the Japanese market, driving innovation and fostering a more dynamic and efficient business environment.