Lakeba venture Bricklet revolutionising the Australian property market

Proptech business Bricklet is offering instant settlement to fractional-property owners, cutting the traditional six-week process to as little as six seconds on a new blockchain-based platform that it intends to expand into conventional transactions.

Bricklet, owned by unlisted investment company Lakeba, expects all owners of the $155 million-worth of commercial and residential property in its portfolio to be able to trade their stakes instantly and much more cheaply – for $10, rather than the current $1000 – by year-end.

They will do this by the Australian Property Co-Ownership Register, a distributed ledger (a synchronised database across multiple sites) that creates an immutable record of transactions and which will in time directly link to each state land title register.

NSW is the first state to be linked.

This is an extract from an article written by Michael Bleby for the Australian Financial Review, published on 1 November 2022.

Read the full story: Bricklet uses blockchain to settle housing sales instantly - Australian Financial Review

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