Australian Tech Firm Sells Apartment Buildings Using Blockchain

Asia Blockchain Review
October 1, 2019
Australian Tech Firm Sells Apartment Buildings Using Blockchain

Using software that divides property into saleable assets, an Australian tech firm has successfully carried out one of the world’s first real estate sales powered by blockchain.

According to CryptoNewz, Lakeba Group used blockchain technology to sell two apartments in the state of South Australia “brick by brick.”

Blockchain Technology Fractionalizes Apartments into Bricklets

Lakeba Group, based in New South Wales, has made known it has sold two of the tallest apartments in South Australia’s Adelaide using a blockchain solution. The development, named Kodo, was “fractionalized” by Lakeba so that it could be presented to investors as “bricklets” and, ultimately, sold in pieces of ownership.

Darren Younger, Lakeba Group head of commercialization, explained, “We’re using a distributed ledger for the audit trail, once someone buys a bricklet, it starts the audit trail and each time it’s sold; it’s recorded on the blockchain”. 

“It’s about having more credibility and trust in the audit trail,” said Younger.

Technology Shows Promise for Global Application

A total of 20 bricklets were derived from Kodo and sold for between A$23,000 and A$25,000 each. The entire project, worth about A$100 million, is two, 30-story buildings. 

Trading of ownership of Kodo using the bricklet shares will be possible at, set to launch in the coming weeks.

Lakeba Group has indicated that the sale has given it hope it can globalize the tokenization process and its technology. It has already begun talks with territories across Australia to introduce its platform for more properties and is reportedly slated to partner with leading technology firm IBM.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    How Blockchain has Helped the Business of E-commerce
    Blockchain technology is poised to revolutionize the e-commerce business industry. It offers an unpa...

    January 23, 2020

    Securing SEA’s Financial Networks with Blockchain
    As cryptocurrencies gain wider use among Southeast Asians, so too must blockchain solutions be devel...

    December 30, 2019

    Thailand: The Land of Blockchain
    As the country forges ahead on its Thailand 4.0 development agenda, firm government commitment and s...

    December 27, 2019

    Blockchain for Safer, more Afforable Telecommunications in SEA
    This article examines the use of telecom services in Southeast Asia, the industry’s unresolved probl...

    December 16, 2019

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us