Earlyworks and ZenmuTech collaborate for a more secure digital society through secret splitting and blockchain
Earlyworks (Nasdaq: ELWS) and ZenmuTech have announced a collaboration to enhance digital security using secret splitting and blockchain technology. Earlyworks' GLS technology offers high-speed, tamper-resistant blockchain solutions, while ZenmuTech's secret splitting technology provides advanced data protection. This partnership aims to create a secure digital environment by combining these technologies, ensuring faster processing speeds and robust data security. The collaboration seeks to support the growing market for blockchain technology, which is projected to reach $404.1 billion globally by 2030.
- Earlyworks' GLS technology provides processing speeds of less than 0.2 seconds, ideal for enterprise blockchains.
- The collaboration creates a new standard for data protection by combining blockchain and secret splitting technologies.
- The blockchain market is expected to grow from $10.6 billion in 2023 to $404.1 billion by 2030, indicating significant market potential.
- Combining GLS and ZenmuTech's SDKs will result in a more powerful and convenient SDK for users.
- The actual business use of blockchain in Japan has yet to increase significantly, despite governmental support.
- No immediate financial or business impact from the collaboration is detailed, potentially leaving investors uncertain.
Insights
The collaboration between Earlyworks and ZenmuTech taps into an evolving sector within the tech industry: secure blockchain solutions. By combining Earlyworks' high-speed Grid Ledger System (GLS) with ZenmuTech's All-or-Nothing Transform (AONT) secret splitting technology, this partnership aims to enhance data security. Notably, GLS addresses a key industry challenge: slow processing speeds within blockchain networks. With a processing speed of less than 0.2 seconds, GLS aligns closer to traditional databases in terms of performance, making it more attractive for enterprise use. GLS's high customizability and tamper-resistance are additional advantages, promising a frictionless adoption for various digital content platforms.
On the other hand, ZenmuTech's secret splitting technology ensures data integrity by fragmenting sensitive information across multiple locations, so even a single fragment’s absence nullifies the data's usability. This approach is revolutionary compared to traditional encryption, offering a new layer of security against hacking and data leakage. Combining these technologies could lead to a paradigm shift in how enterprises manage and secure their digital assets.
However, this collaboration will only see practical and wide-scale business adoption if these technologies are tested and proven to be reliable in real-world scenarios. Investors should watch for pilot projects or case studies demonstrating this collaboration's effectiveness.
The global blockchain market, projected to soar from $10.6 billion in 2023 to $404.1 billion by 2030, offers significant growth potential for this collaboration. Japan's share of this market, estimated at approximately 10%, underscores the country's strategic interest in blockchain technology, bolstered by governmental initiatives like the 'Priority Policy Program for Realizing Digital Society.' The collaboration between Earlyworks and ZenmuTech positions both companies to capitalize on this growth by offering superior data protection solutions, potentially attracting enterprises that prioritize security and efficiency.
The announcement also highlights the strategic intention to tap into the burgeoning interest in Web3.0 and NFTs within Japan. As the market and regulatory landscape mature, companies that offer robust, scalable and secure solutions will likely see increased adoption. However, market growth will heavily depend on the broader adoption of blockchain technologies beyond current use cases, which remains in its nascent stages in Japan.
Investors should keep an eye on subsequent updates and real-world deployments of this technology. The ability to capture market share in a rapidly growing industry could significantly influence the financial performance of both companies.
TOKYO, May 31, 2024 (GLOBE NEWSWIRE) -- Earlyworks Co., Ltd. (Nasdaq: ELWS) (the “Company” or “Earlyworks”) (Head office: Taito-ku, Tokyo; CEO: Satoshi Kobayashi), a blockchain solution provider that deploys its high-speed proprietary blockchain technology Grid Ledger System (“GLS”), and ZenmuTech, Inc ("ZenmuTech") (Head Office: Chuo-ku, Tokyo; CEO: Yoshikazu Taguchi), which pursues data protection and data utilization through "secret splitting technology" that encrypts and manages information in various location, have collaborated to realize a secure digital society where users can utilize their data without concern about data leakage, hacking and tempering.
- Background of Collaboration
GLS, the fast proprietary blockchain technology provided by Earlyworks, addresses the problem of slow processing speed, which has been a major bottleneck in conventional blockchains. GLS has a processing speed of less than 0.2 seconds in certain circumstances, which is ideal for enterprise blockchains. GLS has controllable and easy-to-use operational functions that are as good as those of conventional databases. It has high processing power like a large-scale database, and achieves both easy-installation and high customizability, as well as high tamper-resistance and convenience, which are the characteristics of blockchains.
ZenmuTech's AONT (All-or-Nothing Transform) secret splitting technology divides data into "several pieces (shares) that is nullified and split across various locations”, so that if one fragment is missing, the whole picture cannot be recovered and data leakage can be prevented. This technology is attracting attention as an alternative solution of encryption technology, which has been the basis of security technology to date.
Combining the tamper-resistance of blockchain with data-nullifying technology by secret splitting, Earlyworks and ZenmuTech are now able to provide strong and fast next-generation data protection. With this collaboration, Earlyworks and ZenmuTech will create an innovative business model for the enterprises in Japan.
- Objectives of Collaboration
With this collaboration, Earlyworks and ZenmuTech seek:
1) New blockchain to unleash a digital revolution
GLS enables secure management of a wide variety of content, including not only text, but also images, videos, and music.
This implies that content creators can offer engaging content while keeping their work secure and protected.
2) Powerful SDKs brought by ZENMU Engine (SDK) & GLS (SDK)
Combining the two SDKs is expected to result in a more convenient and powerful SDK that delivers security and reliability.
Customers will be able to enjoy their digital lives with peace of mind and handle their data with confidence in the business world.
(3) Secret splitting x blockchain = robust security
Earlyworks and ZenmuTech will develop a technology to secretly split large files and manage a fragment of them on the blockchain.
This is expected to reduce the risk of information leakage and data tampering.
The transparency of blockchain and the robustness of secret splitting combine to set a new standard for data protection.
Additional details on this collaboration will be released later this summer.
■ 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
On the other hand, the Japanese blockchain market is expected to be worth 142.7 billion JPY (*2) in 2023, and compared to the global market size, Japan's market share is estimated to be about
In Japan, the "Priority Policy Program for Realizing Digital Society" approved by the 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 Digital Agency to study the future use of blockchain. Although the "Web 3.0 Study Group" has been established at the Digital Agency and has been increasing its activities, the actual business use of blockchain has yet to increase significantly.
1 Blockchain Market Forecast to 2030 Global Information, Inc. https://www.gii.co.jp/report/smrc1308673-blockchain-market-forecasts-global-analysis-by.html )
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.
<Main features of the GLS>
high processing speed
parallel processing and auto-scale functions
high tamper-resistance
zero server downtime
versatile applications
enabled emergency stop
https://gls.e-arly.works/ja/new-business
- About ZenmuTech
ZenmuTech develops and sells its own products, including “ZENMU Engine”, which provides ZENMU-AONT's secret splitting technology as SDK, and “ZENMU Virtual Drive”, which prevents information leakage from PCs, and is used by many companies. In the field of secret computation, ZenmuTech provides “QueryAhead”, a database platform for secret computation, for research and social implementation in collaboration with AIST.
In order to realize highly secure solutions that could not be realized with conventional encryption technologies, ZenmuTech will pursue data protection and data utilization with its innovative technological capabilities and creativity through open innovation.
Name: ZenmuTech, Inc
Location: 804 THE HUB GINZA OCT 8-17-5 Ginza, Chuo-ku, Tokyo
Representative Director: Yoshikazu Taguchi
URL : https://zenmutech.com/
[Trademarks]
All company names and product names on this document are properties and trademarks or registered trademarks of their respective companies.
- About Earlyworks
Earlyworks Co., Ltd. is a Japanese company operating its proprietary private blockchain technology, GLS, to leverage blockchain technology in various applications in a wide range of industries. GLS is a hybrid blockchain that combines the technical advantages of blockchain and database technology. GLS features high-speed processing, which can reach 0.016 seconds per transaction, tamper-resistance, security, zero server downtime, and versatile applications. The applicability of GLS is verified in multiple domains, including real estate, advertisement, telecommunications, metaverse, and financial services. The Company’s mission is to keep updating GLS and make it an infrastructure in the coming Web3/metaverse-like data society.
Earlyworks Co., Ltd.
Location : 3F MR Building, 5-7-11 Ueno, Taito-ku, Tokyo
Representative: Satoshi Kobayashi, Representative Director and CEO
Business description: Providing system solutions using GLS
Date of Establishment : May 2018
Corporate website : https://e-arly.works/
For inquiries from the press regarding this matter, please contact
Earlyworks Co., Ltd.
E-MAIL: ew-ir@e-arly.works
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ec14e7ce-c2f2-4326-bf6d-322cd5fb2376
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