A recent official BRICS economic report highlights the role of the XRP Ledger (XRPL) in cross-border trade finance. Crypto researcher SMQKE brought attention to this detail, noting that the document explicitly cites XRPL for its escrow model when discussing smart contracts and blockchain technology for improved trade settlement efficiency. The report emphasizes the potential of smart contracts and decentralized platforms like XRPL to streamline processes, verify obligations, and expedite payments through external verification mechanisms. Further details on the report’s findings suggest BRICS is exploring the creation of an in-house smart contract system, potentially leading to a customized blockchain infrastructure tailored for its member states.