Proptech business Bricklet is offering instant property settlement to fractional 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.