Technology Adoption in the BRICS Construction Industry: Appraising the use of local currencies amidst the Trade War

The BRICS countries are lagging in adopting Industry 4.0 compared to other advanced countries. Since the Industrial Revolution provided a framework for adopting technology in the construction industry, it is also relevant in the BRICS construction industry. Hence, this study aims to examine the use of local currencies by BRICS countries to foster technology adoption in the BRICS construction industry. The methodology adopted for this study is a qualitative approach based on a scoping review of existing literature, underpinned by the Theory of Constraints. The findings of the study reveal that South Africa, Russia, and Brazil import a lot of technologies, and that BRICS countries, especially Brazil, Russia, India, and South Africa, face the challenge of insufficient adoption of technologies and backlog due to international trade regionalization and the development of these technologies in industrialized countries. Furthermore, the study reveals that using these local currencies will help reduce currency risk related to loans dominated by dollars, thereby fostering financial stability among member nations, reducing currency volatility, lowering transaction costs, and mitigating susceptibility to financial warfare and external economic pressures. The study reveals the implications for technology adoption in the BRICS construction industry, as the use of local currency among BRICS countries will enhance domestic production and consumption, and weaken the US's ability to impose economic sanctions effectively. This study makes an empirical and theoretical contribution to technology adoption among BRICS countries, as well as to fostering technology sharing and collaboration in the BRICS construction industries.