Joining the fast-growing blockchain technology league, Hewlett Packard Enterprise CompanyHPE , last week introduced its product under its HPE Mission Critical Blockchain group. The product, which is anticipated to be commercially available by early 2018, has been named as Mission Critical Distributed Ledger Technology (DLT).

Built-in partnership with enterprise software firm R3 and based on as-a-service concept, the latest offering will provide enterprise customers necessary hardware to run their own blockchain operations or in partnerships with clients. Per media sources, the company's DLT is faster, reliable, secure, and can be used on a larger scale than other available blockchains like Bitcoin and Ethereum.

With the recent product launch, Hewlett Packard Enterprise has joined the race with competitors like IBM IBM , Microsoft MSFT and Oracle ORCL in the blockchain technology space. Launching its service nearly a year and a half ago, IBM leads the space. On the other hand, Microsoft provides blockchain tools through its Azure cloud, while Oracle rolled out its service this October.

Hewlett Packard Enterprise Company Price

Hewlett Packard Enterprise Company Price | Hewlett Packard Enterprise Company Quote

Blockchain is believed to be the next game changer in the tech sector. The technology is primarily used for tracking transactions related to digital assets or documents, particularly in industries like banking, financial services and insurance.

In the last few years, adoption of the technology has increased due to the fact that DLT, on which blockchain is based, ensures secured data storage and transmission. As every member involved in the consortium using the data can see the changes made, a breach is unlikely. This makes the process even more trustworthy.

Moreover, the decentralized database puts a check on hacking and double counting, thereby bringing down the possibilities of monetary losses via cyber crime.

Citing Gartner's forecasts, Hewlett Packard Enterprise revealed that blockchain technology will generate $176 billion in business value by 2025.

Given the huge prospect in blockchain technology space, we appreciate Hewlett Packard Company's move, which, we believe, will provide a new area of growth.

Hewlett Packard Enterprise carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.