Blockchain technology has been gaining great attention in recent years. Owing to its feature of immutability, the data volume of the blockchain network is continuously growing in size. As of now, the size of Bitcoin distributed ledger has reached about 200 GB. Consequently, the increasing size of the blockchain network ledger prevents many peers from joining the network. Hence, the growing size not only limits the expansion of network but also the development of the blockchain ledger. This calls for development of efficient mechanisms for storage and bandwidth synchronization. As a step toward this goal, we propose an IPFS-based decentralized off-chain storage called storage model for data sharing in blockchain (SMDSB), to store the data volume of the blockchain network. In the proposed model, the miners validate and deposit the transactions into an IPFS-based decentralized storage, whereas they store the hash of the transactions in a blockchain network. Thus, by utilizing the characteristics of IPFS-based off-chain storage and its feature of hash creation, the blockchain ledger size can be significantly reduced. Implementation of SMDSB results in reduction of Bitcoin storage by 81.54%, Ethereum by 53.86%, and Hyperledger by 62.59%. Additionally, the experimental results also highlight the impact on storage cost for 1 transaction per second (TPS) in a year.