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.”
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.
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 bricklet.com.au, 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.
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