This thesis was commissioned by a financial management company. This company handles big amounts of sensitive data of clients which eventually needs to be transferred to them. The company recognizes that the technology is nascent and is therefore concerned about the security of it. The objective of this thesis is to lay out the rough basics of the technology, explore the known security risks that exist, and determine if it is feasible to use blockchain for facilitating permanent data storage while offering a convenient way of transferring data. As the technology is fairly new, there is not enough scientific literature available to answer these questions by using mainly scientific sources such as books or research reports. By using internet sources, the latest information can be used to formulate an idea of the current state of the sector, technology, and feasibility. While it quickly becomes clear that blockchain in its purest form is not an ideal basis to store large amounts of data, there is an alternative. Protocols like Storj might be fitting solutions to the needs of this company. While there are no big enterprises known to use this exact protocol to store sensitive data, the fundamentals of the protocol make it seem like there is a possibility is could fulfil the wishes of the company. However, extensive testing is needed to draw a final conclusion.