Earlyworks and CAICA DIGITAL Entered into a Business Alliance Agreement to Support the Expansion of Web3 Business

TOKYO, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Earlyworks Co., Ltd. (NASDAQ: ELWS) ("Earlyworks" or the "Company"), a blockchain solution provider headquartered in Taito-ku, Tokyo which develops its proprietary blockchain technology, Grid Ledger System ("GLS"), has signed a business alliance agreement with CAICA DIGITAL Inc. ("CAICA"), a company headquartered in Minato-ku, Tokyo which develops system solutions for the financial industry and Web3 businesses. Together, the Company and CAICA will provide comprehensive support to businesses engaged in Web3 projects.

• Market Potential and Alliance Background

The global market for blockchain, a leading Web3 technology, continues to grow every year and is expected to reach approximately $404.1 billion in 2030 (*1). The market is expected to grow 38-fold in the seven years from 2023 to 2030 (*1), and such market potential is attracting more attention around the world.

On the other hand, the Japanese blockchain market share was estimated to be about 10% of the global market size in 2023 (*2). In Japan, the "Priority Policy Program for Realizing Digital Society" approved by the Japanese Cabinet in June 2022 includes "Promoting Web3.0”, 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 Japanese Digital Agency to study the future use of blockchain. Although the "Web 3.0 Study Group" has been established at the Japanese Digital Agency and has been increasing its activities, the actual business use of blockchain has yet to increase significantly.

Through this business alliance, Earlyworks aims to enhance the services of GLS, while also supporting the system development of new businesses that adopt "CAICA Web3 for Biz" (as described below), providing strong support for companies in promoting their Web3 ventures.

1 Blockchain Market Forecast to 2030 Global Information, Inc. (https://www.gii.co.jp/report/smrc1308673-blockchain-market-forecasts-g ... )
2 Future Trends of Blockchain Market size forecast by 2028 with AI xenoBrain (https://service.xenobrain.jp/forecastresults/market-size/blockchain)

• About GLS (Grid Ledger System), a proprietary blockchain infrastructure 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 data storage, collection, organization and processing, and enables the construction of systems. GLS has high processing power like a database, ease of implementation and high customizability, as well as the blockchain's characteristics of tamper-resistance and convenience.