SummaryRecently, blockchain utilization with advanced encryption and decryption has gained improved attention over diverse applications. Especially in the medical field, big data storage requires an effective medium for managing user data with high confidentiality. The existing research presents diverse encryption algorithms, but certain drawbacks include sensitive information leakage, ineffective data integrity verification, and increased computational cost and time. The proposed work develops an effective blockchain mechanism for secured data storage to conquer these limitations. This article secures the medical research data from different team members for intellectual share estimation. Initially, the registration process involves user details such as name, contact number, age and so on. Next, a digital signature is generated for every registered user using the SHA‐256 hash algorithm. During data uploading, the data is encrypted using elliptic curve Diffie Hellman encryption scheme to promote security. The audio and video files are stored in inter planetary file system, and texts are stored in the blockchain. The users can retrieve the stored data from the blockchain using the encryption key. The identities and associated public keys are verified using a smart contract to validate the user certificate. Next, a decision form is made to show the polling mechanism using item preference ranking for other users viewing the data. The proposed mechanism ensures intellectual shares for all the users associated with a specified project. The performances are analyzed using PYTHON, and the encryption time obtained in the proposed model is 0.85 s at 140 security bit level.