This paper primarily investigates the application of blockchain technology in storing and sharing vehicle data within the Internet of Vehicles (IoV). As electric and autonomous vehicles become more widespread, the development of IoV technology is becoming crucial for improving traffic management and road safety. IoV technology can collect real-time vehicle data, such as speed and RPM, through OBD systems. This data greatly benefits Usage-Based Insurance (UBI), traffic management, and driving behavior analysis. However, the storage and sharing of vehicle data face significant challenges. Thus, this paper proposes a blockchain-based solution, leveraging the decentralized, immutable, and transparent features of the Hyperledger Fabric blockchain (consortium blockchain) to ensure the security and accuracy of vehicle data. To address the issue of storing large volumes of vehicle data on the blockchain, this paper employs LZMA lossless compression technology, effectively reducing blockchain storage requirements and enhancing blockchain scalability and transactions per second (TPS). Experimental results show that the proposed method can minimize blockchain storage space by 4.7 times and decrease the average time for blocks to be added to the blockchain by 4.8 times, achieving a blockchain 470 TPS. Based on the Hyperledger Fabric blockchain framework, PBFT consensus mechanism, and lossless compression algorithms, this paper effectively reduces the demand for storage space in blockchain applications within IoV environments. Ultimately, it aims to promote the application and development of IoV technology in blockchain.