Early Works is a small, Japan-based blockchain technology company that builds custom blockchain systems and provides consulting services to corporate clients. The company's proprietary technology, called GLS (Grid Ledger System), is a hybrid blockchain that combines traditional blockchain with database architecture. Early Works argues GLS overcomes key limitations of conventional blockchains like Bitcoin and Ethereum, including slow transaction speeds, lack of transaction finality, and high per-transaction fees. GLS processes transactions in approximately 0.016 seconds, supports an emergency stop function, and can run on standard personal computers rather than expensive servers. Early Works generates most of its revenue from project-based fees for designing and building custom blockchain systems, with a smaller portion from consulting and advisory services sold to repeat clients. The company sells directly to corporate clients across industries including IT, advertising, real estate, telecom, and entertainment, with deals sourced through a direct sales team and board member networks. The customer base is highly concentrated. Early Works supplements its small in-house team with external contractors to deliver projects. The company is targeting expansion across verticals including stablecoins, carbon offset, supply chain, and trade logistics — use cases that require high-speed, tamper-proof transaction processing. Early Works is also developing an SDK for GLS, a longer-term effort to make GLS an infrastructure platform accessible to a broader developer ecosystem rather than solely the basis for bespoke client engagements.
Read full business overview →Mid to long-term bullish thesis
View →Mid to long-term bearish thesis
View →Mid to long-term bull-bear debate
View → NEWSummary and scoring of the bull-bear debate
View →Find ideas with similar bull or bear theses
View →Investor-relevant company attributes
View →Key risks to the business
View →Comparisons of annual risk disclosures
View →