The blockchain technology used by XRP is based on its own blockchain protocol known as XRP Ledger. There are several key elements that make up the XRP blockchain technology process:

1. Decentralized Ledger: All transactions, accounts, and balances are recorded on the decentralized ledger of XRP. This log is distributed across several independent servers known as validators. The record is constantly updated and secured with encryption techniques.

2. Smart Contracts: Blockchain technology allows XRP to implement smart contracts, which are operational programs that automatically implement specific terms and conditions when specified conditions are met. Smart contracts are used in XRP to carry out transactions and transfer funds securely and efficiently.

3. Cryptocurrency: XRP is used as a metal unit to carry out transactions on the XRP network. XRP is pre-issued and is not mined like other currencies. XRP is used to transfer funds between different currencies and provide liquidity in international transfers.

4. Consensus Algorithm: XRP relies on its own agreement algorithm to validate transactions and settle funds. Transactions are agreed upon by a group of trusted validators rather than the mining process used by some other networks. This allows for higher speed and lower transaction costs