Panasonic has named its product line 'freeze-ray' as it is used for a type of storage known as cold storage, where large amount of data needs to be stored for long period of time and are rarely accessed, reported.

"The company hopes to make Blu-ray an 'industry standard' for cold storage," Yasu Enokido, president of Panasonic business-to-business division, said at a press conference on Tuesday.

Although Panasonic did not give details about its plans, including release dates or prices, but, praised Blu-ray for its 'longevity, immutability, backward compatibility, low power consumption and tolerance to environmental changes'.

Panasonic said it is working on new discs that will hold a terabyte of data. A couple of years ago, Facebook revealed that it was using Blu-ray discs as a cost-efficient way to archive billions of images users uploaded on the social platform.

Blu-ray discs were at risk of dying out as streaming services took over but the interest from Facebook and other vendors has kept the technology alive and is now driving down costs, the report said