System for data archival in a blockchain network and a method thereof

A system (100) including a processor for data archival in a blockchain network (20), the blockchain network (20) comprising a plurality of participating nodes, each of the participating nodes categorized either as an archiver node (A1-A3) or a non-archiver node (N1-N3), the system (100) comprising:

• i. a database (102) stored in each of the archiver nodes (A1-A3), the database (102) comprising a list of block creation events, a transaction identifier (ID) and transaction data associated with each of the block creation events, and a hash corresponding to the transaction data corresponding to each block creation event;
• and
• ii. a data management module (104) executed in each non-archiver node (N1-N3) of the blockchain network (20), the data management module (104) comprising:
• an archiving module (106) configured to maintain an archival ledger (106a) in a local data store (30) of the non-archiver node (N1-N3), the archival ledger (106a) comprising a partial list of the block creation events, the transaction ID, the transaction data and a hash of the transaction data associated with each of the block creation events;
• and
• a data retrieving module (108a) activated upon receiving, from another non-archiver node (N1-N3), a request for querying a transaction from a block, the data retrieving module (108a) configured to check the archival ledger (106a) to determine whether the block is discarded or not, and further configured to retrieve and return the transaction data associated with the block from one of the archival ledger (106a) and the database (102) based on the determination,
• wherein the data retrieving module (108a) is configured to retrieve and return the transaction data associated with the block from:
• the database (102) when the block is found to be discarded from the archival ledger (106a);
• or
• the archival ledger (106a) when the block is found in the archival ledger (106a).