Earlyworks Co., Ltd. Enters Into Memorandum Of Understanding With Pole To Win Vietnam To Access Blockchain Quality Assurance Market
Earlyworks Co., Ltd. (NASDAQ:ELWS) (the "Company" or "Earlyworks"), a Japanese company operating its proprietary private blockchain technology, Grid Ledger System ("GLS"), today announced that it had signed a memorandum of understanding ("MOU") with Pole to Win Vietnam ("PTW-V"), a quality verification provider, to enter into a business alliance (the "Alliance") seeking to expand both parties' businesses by utilizing GLS and blockchain-related technology. PTW-V is an affiliate of Pole to Win Corporation, a provider of quality assurance debug testing, software quality testing, online support services, and testing services for products using blockchain technology comparable to Japanese third-party system verification. The Alliance aims to enhance the quality standards within the blockchain area for Web 3.0 businesses and startups.
The Alliance is a pivotal component of Earlyworks' overarching strategy to introduce GLS into various industries and broaden its spectrum of applications. Pursuant to the MOU, Earlyworks and PTW-V will work together to perform code checking and testing of behavior of products using blockchain technology and offer third-party verification of systems for defects. Both parties also plan to create and provide third-party evaluation certificates. Earlyworks is set to provide knowledge in the blockchain domain, support sales activities and liaise with third-party subcontractors.
The Alliance is expected to offer the Web 3.0 industry a low-cost blockchain verification solution. System failures in blockchain technology have occurred around the world due to the complexity of the system, but there are few verification service providers with extensive experience in developing and verifying blockchain. Therefore, many blockchain companies perform their own in-house verification, which puts pressure on development resources and incurs relatively high costs, thereby impeding the growth of Web 3.0 businesses and startups.
Mr. Satoshi Kobayashi, the Chief Executive Officer and Representative Director of Earlyworks commented, "We are excited to partner with PTW-V, and we believe the Alliance will serve as a cornerstone of our expansion in the quality assurance market. PTW-V, with extensive experience in system verification and capability to create test cases and conduct testing, will be a valuable partner in checking the behavior and defects of blockchain-based applications. Together with PTW-V, we are prepared to meet the demands of Web 3.0 businesses and startups for cost-efficient code checks and third-party verification. The Alliance also underscores our dedication to improving quality standards of blockchain products in the Web 3.0 industry. Leveraging our GLS, we will continue delivering high-quality services to our clients, increasing our presence in the blockchain industry, and creating value for our shareholders."